20 Mar 2015
GBP/USD: Techs support further declines - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, the current technical picture short term in GBP/USD supports some further declines.
Key Quotes
"The GBP/USD pair eased down to 1.4687, ending the day with a bearish engulfing pattern that points for fresh year lows in the pair, during the upcoming days."
"There has been no relevant data in the UK, and on Friday, the UK will release the Public Sector Net Borrowing figures for February, but the reading can hardly affect the ongoing bearish trend."
"The 1 hour chart shows that the price struggles around the 1.4700 level, with the 20 SMA heading strongly south well above the current price, as the Momentum indicator heads lower after a limited upward corrective movement, and the RSI indicator maintains a strong bearish slope around 33, supporting some further declines"
"In the 4 hours chart the price stands below a mild bearish 20 SMA, while the Momentum indicator aims higher below the 100 level and the RSI lacks directional strength around 41, also supporting additional declines in the short term."
Key Quotes
"The GBP/USD pair eased down to 1.4687, ending the day with a bearish engulfing pattern that points for fresh year lows in the pair, during the upcoming days."
"There has been no relevant data in the UK, and on Friday, the UK will release the Public Sector Net Borrowing figures for February, but the reading can hardly affect the ongoing bearish trend."
"The 1 hour chart shows that the price struggles around the 1.4700 level, with the 20 SMA heading strongly south well above the current price, as the Momentum indicator heads lower after a limited upward corrective movement, and the RSI indicator maintains a strong bearish slope around 33, supporting some further declines"
"In the 4 hours chart the price stands below a mild bearish 20 SMA, while the Momentum indicator aims higher below the 100 level and the RSI lacks directional strength around 41, also supporting additional declines in the short term."