6 Jan 2015
GBP/USD downtrend resumes – AceTrader
FXStreet (Barcelona) - The AceTrader Team shares that GBP/USDs downtrend has once again resumed and a retest of Monday’s low might be seen after some consolidation, a break below which can see the pair heading towards 1.5137 levels.
Key Quotes
“Looking at the bigger picture, as mentioned previously, cable's break of Dec's 1.5486 to on 1.5326 Fri signals MT downtrend fm 2014 peak at 1.7192 (Jul) has once again resumed n a re-test of said Mon's low wud be seen after consolidation, break wud extend weakness to 1.5137 (1.618 times extension of 1.5785-1.5486 measured fm 1.5621) n then 1.5100.”
“Having said that, as the daily technical indicators wud display 'bullish convergences' on such move, reckon psychological sup at 1.5000 wud hold on 1st testing this week n risk a minor correction later.”
“On the upside, only a daily close abv 1.5486 wud signal a temporary low is made, then retracement to 1.5555 n possibly twd 1.5621 is likely b4 down. “
“Today, as 1.5320 has capped rebound fm 1.5185, selling cable on intra-day recovery is recommended. On the upside, only abv 1.5352 (38.2% r of 1.5621-1.5185) risks retracement twd 1.5403 (50% r) but 1.5454 (61.% r) shud hold.”
Key Quotes
“Looking at the bigger picture, as mentioned previously, cable's break of Dec's 1.5486 to on 1.5326 Fri signals MT downtrend fm 2014 peak at 1.7192 (Jul) has once again resumed n a re-test of said Mon's low wud be seen after consolidation, break wud extend weakness to 1.5137 (1.618 times extension of 1.5785-1.5486 measured fm 1.5621) n then 1.5100.”
“Having said that, as the daily technical indicators wud display 'bullish convergences' on such move, reckon psychological sup at 1.5000 wud hold on 1st testing this week n risk a minor correction later.”
“On the upside, only a daily close abv 1.5486 wud signal a temporary low is made, then retracement to 1.5555 n possibly twd 1.5621 is likely b4 down. “
“Today, as 1.5320 has capped rebound fm 1.5185, selling cable on intra-day recovery is recommended. On the upside, only abv 1.5352 (38.2% r of 1.5621-1.5185) risks retracement twd 1.5403 (50% r) but 1.5454 (61.% r) shud hold.”