12 Jan 2015
GBP/USD making daily chart bearish closes - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair has closed its fourth week in a row to the downside...
Key Quotes:
"Having reached an 18-month low of 1.5033 before finally ending Friday to the upside amid dollar broad weakness following the employment report".
"The pair has however been unable to recover the 1.5200 level, despite UK Trade Balance came out better than expected and Manufacturing Production for November grew above expected. Daily basis, technical readings are bouncing from extreme overbought territory after a 5-day slide, although some follow through above 1.5200 is required to confirm the correction can extend higher".
"Shorter term, the 1 hour chart shows that the pair starts the week near Friday’s high, with the price above a bullish 20 SMA and indicators lacking directional strength near overbought levels".
"In the 4 hours chart the price is above its 20 SMA and indicators heading higher above their midlines, supporting further advances towards the 1.5275 price zone particularly if the pair manages to regain 1.5220".
Key Quotes:
"Having reached an 18-month low of 1.5033 before finally ending Friday to the upside amid dollar broad weakness following the employment report".
"The pair has however been unable to recover the 1.5200 level, despite UK Trade Balance came out better than expected and Manufacturing Production for November grew above expected. Daily basis, technical readings are bouncing from extreme overbought territory after a 5-day slide, although some follow through above 1.5200 is required to confirm the correction can extend higher".
"Shorter term, the 1 hour chart shows that the pair starts the week near Friday’s high, with the price above a bullish 20 SMA and indicators lacking directional strength near overbought levels".
"In the 4 hours chart the price is above its 20 SMA and indicators heading higher above their midlines, supporting further advances towards the 1.5275 price zone particularly if the pair manages to regain 1.5220".