19 Jan 2016
GBP/USD: 1.40 on the cards this week - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet, offered a technical breakdown of GBP/USD.
Key Quotes:
"Currently correcting, the 4 hours chart shows that selling interest surged once again around a strongly bearish 20 SMA, now at 1.4290, while the technical indicators are bouncing from oversold levels, but still well below their mid-lines, suggesting the ongoing recovery is barely corrective.
Former lows around 1.4250 are now an intermediate resistance in the case of further recoveries, while a break below the mentioned low support a decline down to the 1.4000 level for the upcoming sessions."
Key Quotes:
"Currently correcting, the 4 hours chart shows that selling interest surged once again around a strongly bearish 20 SMA, now at 1.4290, while the technical indicators are bouncing from oversold levels, but still well below their mid-lines, suggesting the ongoing recovery is barely corrective.
Former lows around 1.4250 are now an intermediate resistance in the case of further recoveries, while a break below the mentioned low support a decline down to the 1.4000 level for the upcoming sessions."