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10 Apr 2015
GBP/USD favours the downside – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes technicals suggest that GBP/USD favours the downside, and a break below 1.4610 should lead to further losses towards 1.4560 in the short-term.
Key Quotes
“The technical picture continues to favor the downside, as the 4 hours chart shows that the technical indicators turned back south after correcting partially oversold readings, whilst the 20 SMA maintains a strong bearish slope above the current price.”
“A break through 1.4610 should lead to a downward continuation towards the 1.4560 region in the short term, whilst beyond this last, the decline should extend towards the 1.4500 figure."
“To the upside, the immediate resistance stands at 1.4685, and a recovery above this level may see an upward corrective movement towards the 1.4730 region, where selling interest is expected to resume.”
Key Quotes
“The technical picture continues to favor the downside, as the 4 hours chart shows that the technical indicators turned back south after correcting partially oversold readings, whilst the 20 SMA maintains a strong bearish slope above the current price.”
“A break through 1.4610 should lead to a downward continuation towards the 1.4560 region in the short term, whilst beyond this last, the decline should extend towards the 1.4500 figure."
“To the upside, the immediate resistance stands at 1.4685, and a recovery above this level may see an upward corrective movement towards the 1.4730 region, where selling interest is expected to resume.”