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GBP/USD Eyes 1.5250 As Bears Gain Strength

Discussion in 'Technical Analysis' started by Sandra S., Sep 1, 2015.

  1. Sandra S.

    Sandra S. Forum Member

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    The GBP/USD pair fell for a fifth day in-a-row, approaching by the end of the day the low posted last Friday at 1.5334, clearly signaling the negative sentiment towards the Pound among investors.

    There were no fundamental releases in the UK, but on Tuesday, Britain will release hosing and money data, alongside with the latest Marking Manufacturing PMI, being the last the most relevant to determinate whether the currency can bounce or extend its decline.

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    Technically, the short term picture is bearish, as the price extended below its 20 SMA during the American afternoon, whilst the technical indicators are now hovering near oversold levels.

    In the 4 hours chart, the price was rejected from a strongly bearish 20 SMA, currently around 1.5420, whilst the RSI indicator turned south around 31, supporting additional declines on a break below 1.5335, the immediate support, and towards 1.5250 a strong static support level.

    Support levels: 1.5335 1.5290 1.5250

    Resistance levels: 1.5385 1.5420 1.5460
     

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