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4 May 2016
GBP/USD: price action and technically bearish- FXStreet
Valeria Bednarik, chief analyst at FXStreet noted that the Sterling fell against the greenback to its lowest in seven days.
Key Quotes:
"The GBP/USD pair fell down to 1.4460, bouncing from this last up to 1.4571 before losing momentum and closing the day below the 1.4500 mark. The daily chart shows that after over two weeks of advances, the pair retreated almost 50% in just two days, confirming that buying interest somehow faded.
For the upcoming sessions, the risk is towards the downside, as in the 4 hours chart, the 20 SMA continues grinding lower well above the current level, whilst the technical indicators have lost their downward strength near overbought levels, but are far from indicating an upward move. Further slides below 1.4375, should see the decline extending down to 1.4450, the 61.8% retracement of the latest bullish run and the 200 EMA."
Key Quotes:
"The GBP/USD pair fell down to 1.4460, bouncing from this last up to 1.4571 before losing momentum and closing the day below the 1.4500 mark. The daily chart shows that after over two weeks of advances, the pair retreated almost 50% in just two days, confirming that buying interest somehow faded.
For the upcoming sessions, the risk is towards the downside, as in the 4 hours chart, the 20 SMA continues grinding lower well above the current level, whilst the technical indicators have lost their downward strength near overbought levels, but are far from indicating an upward move. Further slides below 1.4375, should see the decline extending down to 1.4450, the 61.8% retracement of the latest bullish run and the 200 EMA."