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13 Apr 2015
GBP/USD eyeing 1.4550 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, views that GBP/USD outlook remains bearish as long as the pair trades below 1.4660, with immediate bearish target at 1.4550 levels.
Key Quotes
“On the daily charts, we see Friday’s closing, at 1.4631, confirmed a break below the previous low of 1.4633. If we put a Fib extension from 1.5550-1.4633-1.5122, the next critical support is seen at 1.4550, which is the 61.8% Fib expansion level. Given the bearish daily RSI, the pair has more room to extend losses today.”
“On the hourly charts, the RSI has hit the oversold region. However, the pair is still trading above Friday’s low of 1.4585. Hence, the pair could break below 1.4585, before seeing a correction on a possible bullish RSI divergence.”
“Moreover, a break below 1.46, could send the pair down to 1.4550.”
“Overall the offered tone is likely to persist so long as the pair trades below 1.4660 levels.”
Key Quotes
“On the daily charts, we see Friday’s closing, at 1.4631, confirmed a break below the previous low of 1.4633. If we put a Fib extension from 1.5550-1.4633-1.5122, the next critical support is seen at 1.4550, which is the 61.8% Fib expansion level. Given the bearish daily RSI, the pair has more room to extend losses today.”
“On the hourly charts, the RSI has hit the oversold region. However, the pair is still trading above Friday’s low of 1.4585. Hence, the pair could break below 1.4585, before seeing a correction on a possible bullish RSI divergence.”
“Moreover, a break below 1.46, could send the pair down to 1.4550.”
“Overall the offered tone is likely to persist so long as the pair trades below 1.4660 levels.”