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22 May 2015
GBP/USD might correct lower towards 1.5580 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, sees downside potential for GBP/USD towards 1.5580 if the pair accelerates below 1.5640 levels.
Key Quotes
“The 4 hours chart shows that the 20 SMA stands horizontal well below the current level, in the 1.5580 region, whilst the technical indicators are turning slightly lower well into positive territory, rather reflecting the ongoing consolidation than suggesting a bearish move.”
“Should the price accelerate below the mentioned 1.5640 level, the pair can correct lower, towards the 1.5580 price zone, while a break below this last can see the pair extending down to 1.5535, the 38.2% retracement of the same rally.”
“The 1.5700 level continues to cap the upside, so it will take a break above it to confirm additional gains towards the 1.5730/40 price zone, in route to this week high of 1.5814.”
Key Quotes
“The 4 hours chart shows that the 20 SMA stands horizontal well below the current level, in the 1.5580 region, whilst the technical indicators are turning slightly lower well into positive territory, rather reflecting the ongoing consolidation than suggesting a bearish move.”
“Should the price accelerate below the mentioned 1.5640 level, the pair can correct lower, towards the 1.5580 price zone, while a break below this last can see the pair extending down to 1.5535, the 38.2% retracement of the same rally.”
“The 1.5700 level continues to cap the upside, so it will take a break above it to confirm additional gains towards the 1.5730/40 price zone, in route to this week high of 1.5814.”