20 Jul 2015
GBP/USD closing the US in the red - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that GBP/USD closed the day in the red, having been contained on its attempts higher, by selling interest in the 1.5620 price zone earlier in the day.
Key Quotes:
"There was only a minor macroeconomic figure released in the UK, the Rightmove house price index, up 0.1% monthly in July, and 5.1% in the same month, but compared to a year before. Dollar's demand early Europe, has sent the pair down to a daily low of 1.5537, around the 38.2% retracement of the latest bullish run between 1.5329 and 1.5674, but demand around this last contained the decline."
"Technically, the 1 hour chart shows that the downside is favored, as the price stands below a bearish 20 SMA, whilst the technical indicators head lower below their mid-lines. In the 4 hours chart, the price is, however, above its 200 EMA, while the 20 SMA also heads lower above the current price and the technical indicators stand in negative territory, limiting chances of a stronger advance at the time being."
Key Quotes:
"There was only a minor macroeconomic figure released in the UK, the Rightmove house price index, up 0.1% monthly in July, and 5.1% in the same month, but compared to a year before. Dollar's demand early Europe, has sent the pair down to a daily low of 1.5537, around the 38.2% retracement of the latest bullish run between 1.5329 and 1.5674, but demand around this last contained the decline."
"Technically, the 1 hour chart shows that the downside is favored, as the price stands below a bearish 20 SMA, whilst the technical indicators head lower below their mid-lines. In the 4 hours chart, the price is, however, above its 200 EMA, while the 20 SMA also heads lower above the current price and the technical indicators stand in negative territory, limiting chances of a stronger advance at the time being."