23 Mar 2015
GBP/USD eyeing 1.4850 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, GBP/USD might head lower towards 1.4850 on a break below 1.4907, with technicals supporting the bearish view.
Key Quotes
“On the 4-hour chart, we see the pair has failed for the second time at the 38.2% retracement (of 1.5550-1.4633) located at 1.4984 levels.”
“Both, the hourly and the 4-hour RSI, have turned lower, while the daily RSI stays bearish at 44.21 levels.”
“The pair could drop to 1.4907 (5-DMA). Moreover, the sell-off could be more intense below 1.4907, which would push the pair down to 1.4850 (23.6% retracement).”
“On the other hand, a failure to break below 1.4907 could push see the pair bounce back towards 1.5 levels. However, the pair is likely to be sold on rallies so long as it trades below 1.5.”
Key Quotes
“On the 4-hour chart, we see the pair has failed for the second time at the 38.2% retracement (of 1.5550-1.4633) located at 1.4984 levels.”
“Both, the hourly and the 4-hour RSI, have turned lower, while the daily RSI stays bearish at 44.21 levels.”
“The pair could drop to 1.4907 (5-DMA). Moreover, the sell-off could be more intense below 1.4907, which would push the pair down to 1.4850 (23.6% retracement).”
“On the other hand, a failure to break below 1.4907 could push see the pair bounce back towards 1.5 levels. However, the pair is likely to be sold on rallies so long as it trades below 1.5.”