Back
10 Apr 2015
GBP/USD: A slide to 1.45 on the horizon? - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that GBP/USD fell strongly with the European opening, accelerating lower after the release of the UK trade balance figures.
Key Quotes:
"Showing that the local deficit surged to a 7-month high of 10.34 billion Pounds last February that along with broad dollar strength, pushed the pair to a fresh 3-week low."
'The pair maintains a strong bearish bias in the short term, with the 1 hour chart showing that the 20 SMA turned sharply lower above the current level, whilst the technical indicators continue to head lower, despite in oversold territory."
"In the 4 hours chart the 20 SMA slowly gains bearish slope in the 1.4840 region, whilst the technical indicators head strongly lower below their mid-lines, supporting additional declines. The 1.4634 level, March 18th and this year low, is now the immediate support level to follow, as a break below it should trigger stops and fuel the slide towards the 1.4500 region."
Key Quotes:
"Showing that the local deficit surged to a 7-month high of 10.34 billion Pounds last February that along with broad dollar strength, pushed the pair to a fresh 3-week low."
'The pair maintains a strong bearish bias in the short term, with the 1 hour chart showing that the 20 SMA turned sharply lower above the current level, whilst the technical indicators continue to head lower, despite in oversold territory."
"In the 4 hours chart the 20 SMA slowly gains bearish slope in the 1.4840 region, whilst the technical indicators head strongly lower below their mid-lines, supporting additional declines. The 1.4634 level, March 18th and this year low, is now the immediate support level to follow, as a break below it should trigger stops and fuel the slide towards the 1.4500 region."