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5 Jan 2015
GBP/USD bears likely to remain in control – FXStreet
FXStreet (Barcelona) - According to Omkar Godbole, FXStreet Editor and Analyst, the GBP/USD pair is likely to test 1.5170 levels if the pair fails to hold above 1.5318 levels, further noting the GBP bears to likely remain in control.
Key Quotes
“The GBP/USD pair witnessed one of the biggest single day decline on Friday, after it fell from 1.5574 levels to end the day at 1.5326 levels. The weakness was extended to 1.5170 levels during the early Asian trade, before recovering partially to trade at 1.5278 levels.”
“With the sharp fall, the daily and the hourly RSI have hit the oversold region. However, the pair failed to sustain gains above 1.53 levels earlier today, thereby opening doors for 1.5170 levels on the downside.”
“More importantly, the pair has breached the long term rising trend line support located on the monthly charts at 1.5318 levels. So long as the pair trades below the same, the bears are likely to remain in control and the pair is more likely to test 1.5170.”
“On the other hand, the GBP bulls may come-in once the pair confirms a daily close above 1.5318 levels.”
Key Quotes
“The GBP/USD pair witnessed one of the biggest single day decline on Friday, after it fell from 1.5574 levels to end the day at 1.5326 levels. The weakness was extended to 1.5170 levels during the early Asian trade, before recovering partially to trade at 1.5278 levels.”
“With the sharp fall, the daily and the hourly RSI have hit the oversold region. However, the pair failed to sustain gains above 1.53 levels earlier today, thereby opening doors for 1.5170 levels on the downside.”
“More importantly, the pair has breached the long term rising trend line support located on the monthly charts at 1.5318 levels. So long as the pair trades below the same, the bears are likely to remain in control and the pair is more likely to test 1.5170.”
“On the other hand, the GBP bulls may come-in once the pair confirms a daily close above 1.5318 levels.”