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GBP/USD starting to consolidate but still pressured

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - GBP/USD is currently at 1.5340 trading with a high of 1.5420 and a low of 1.5324.

    GBP/USD has dropped the 1.54 handle and significantly so given the clusters of MA's that it has fallen below on the hourly chart and breaking out of the bearish consolidation phase since the price rallied from the 1.52 handle earlier in the month when it reached highs of 1.5507. Currently, the market in the pound is in between the dollar and the euro with the greenback dictating the show, but next week should be a more direct flow in sterling with the UK GDP data forthcoming.

    GBP/USD levels

    Technically, the downside is exposed all the way back to 1.5200 on this move with very little in the way of levels on the downside until then. RSI (14) at 35 on the hourly sticks still has some to go before the major looks oversold. The pivot stands at 1.5424 while S1 stands at 1.5339 creating some consolidation territory currently ahead of the lows and then 1.5283.
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