Back
23 Jun 2015
GBP/USD: Strong decline limited - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the British Pound corrected lower against the greenback in the US, with the pair falling down to 1.5804, dragged lower by dollar's intraday demand.
Key Quotes:
"There were no fundamental releases in the UK, and the calendar will remain light all of this week, which means the pair will likely be driven by market's sentiment."
"Short term bearish, the longer term view remains intact as the pair remains well above the 23.6% retracement of its latest bullish run, measured from 1.5189, June 6th low, to this year high posted last week at 1.5929."
"Technically, the 1 hour chart shows that the price remains below a mild bearish 20 SMA, whilst the technical indicators hover near oversold territory."
"In the 4 hours chart, the price stands below a still bullish 20 SMA, although the technical indicators have turned higher around their mid-lines, limiting chances of a stronger decline. The mentioned 23.6% retracement stands at 1.5735, which means declines down to that level should be seen as barely corrective, with buying interest probably surging around it, if reached."
Key Quotes:
"There were no fundamental releases in the UK, and the calendar will remain light all of this week, which means the pair will likely be driven by market's sentiment."
"Short term bearish, the longer term view remains intact as the pair remains well above the 23.6% retracement of its latest bullish run, measured from 1.5189, June 6th low, to this year high posted last week at 1.5929."
"Technically, the 1 hour chart shows that the price remains below a mild bearish 20 SMA, whilst the technical indicators hover near oversold territory."
"In the 4 hours chart, the price stands below a still bullish 20 SMA, although the technical indicators have turned higher around their mid-lines, limiting chances of a stronger decline. The mentioned 23.6% retracement stands at 1.5735, which means declines down to that level should be seen as barely corrective, with buying interest probably surging around it, if reached."