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GBP/USD: 1.40 on the cards this week - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet, offered a technical breakdown of GBP/USD.

    Key Quotes:

    "Currently correcting, the 4 hours chart shows that selling interest surged once again around a strongly bearish 20 SMA, now at 1.4290, while the technical indicators are bouncing from oversold levels, but still well below their mid-lines, suggesting the ongoing recovery is barely corrective.

    Former lows around 1.4250 are now an intermediate resistance in the case of further recoveries, while a break below the mentioned low support a decline down to the 1.4000 level for the upcoming sessions."
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