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20 Apr 2015
GBP/USD outlook bearish whilst pair fails to see a daily close above 1.5000 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole, notes technicals suggest GBP/USD has turned bearish, expecting a break below 1.4936 to lead to 1.4868.
Key Quotes
“The pair currently trades at 1.4951, a few pips above 23.6% fib retracement of 1.4564-1.5051 located at 1.4936. On the hourly chart, the RSI has breached 50.00 and turned bearish, while the daily chart shows the pair was rejected by 50-DMA located at 1.4982.”
“Thus, a break below 1.4936 could drive the pair lower to 1.49 and 1.4868 (weekly 10-DMA).”
“On the other hand, a fresh intraday demand for Pounds could be seen in case the pair rises above 1.5.”
“However, the outlook stays bearish so long as the pair fails to sustain above 1.5 on a daily closing basis. Moreover, repeated failures at/around 1.5 area could weigh heavily on the pair.”
Key Quotes
“The pair currently trades at 1.4951, a few pips above 23.6% fib retracement of 1.4564-1.5051 located at 1.4936. On the hourly chart, the RSI has breached 50.00 and turned bearish, while the daily chart shows the pair was rejected by 50-DMA located at 1.4982.”
“Thus, a break below 1.4936 could drive the pair lower to 1.49 and 1.4868 (weekly 10-DMA).”
“On the other hand, a fresh intraday demand for Pounds could be seen in case the pair rises above 1.5.”
“However, the outlook stays bearish so long as the pair fails to sustain above 1.5 on a daily closing basis. Moreover, repeated failures at/around 1.5 area could weigh heavily on the pair.”