18 Jul 2014
GBP/USD slides by almost 60 pips to 1.7035- FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik comments on today's GBP/USD drop by nearly 60 pips to 1.7035, saying that there was with no trigger behind the move.
Key quotes
"The pair maintains a strong bearish tone according to the hourly chart that shows indicators almost vertical getting into oversold territory, as 20 SMA gains bearish slope."
"In the 4 hours chart the technical picture is also quite bearish, with 200 EMA standing in the 1.7020 price zone now immediate support."
"A break below it should lead to a continued slide albeit some buyers are expected to surge in the area. "
Key quotes
"The pair maintains a strong bearish tone according to the hourly chart that shows indicators almost vertical getting into oversold territory, as 20 SMA gains bearish slope."
"In the 4 hours chart the technical picture is also quite bearish, with 200 EMA standing in the 1.7020 price zone now immediate support."
"A break below it should lead to a continued slide albeit some buyers are expected to surge in the area. "