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GBP/USD: key trading levels on 4hr chart - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the 4-hours chart in GBP/USD shows that the retracement found some support around its 200 EMA, around 1.5335, although a more relevant support comes at 1.5315, the 38.2% retracement of the pair's latest bearish run.

    Key Quotes:

    "In the same chart, the RSI indicator is heading slightly lower from overbought levels, while the Momentum indicator also turned slightly lower but holds well above its mid-line, suggesting a limited downward scope. Should the dollar maintain its broad weakness, a break above the daily high should lead to a steadier advance up to the 1.5420/30 price zone, followed later by the 1.5460 price zone.

    A downward acceleration through 1.5315 on the other hand, may see the pair retesting Thursday's low at 1.5260, before finding some buying interest."
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