2 Feb 2015
GBP/USD risk remains to the downside – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that technicals suggest GBP/USD risk remains to the downside, and the pair might retest 1.4950 levels on a break below the daily low.
Key Quotes
“The Cable trades lower in the day despite better than expected Markit Manufacturing readings in the UK, capped below 1.5100 ever since the day opened.”
“The 1 hour chart shows that buying interest surged around the 1.5000 figure, whilst price holds below its 20 SMA and indicators in negative territory.”
“In the 4 hours chart the technical picture is bearish, with the price below a bearish 20 SMA and indicators presenting a tepid negative slope below their midlines.”
“The risk remains to the downside, with a break below the daily low supporting a retest of the 1.4950, past January monthly low.”
Key Quotes
“The Cable trades lower in the day despite better than expected Markit Manufacturing readings in the UK, capped below 1.5100 ever since the day opened.”
“The 1 hour chart shows that buying interest surged around the 1.5000 figure, whilst price holds below its 20 SMA and indicators in negative territory.”
“In the 4 hours chart the technical picture is bearish, with the price below a bearish 20 SMA and indicators presenting a tepid negative slope below their midlines.”
“The risk remains to the downside, with a break below the daily low supporting a retest of the 1.4950, past January monthly low.”