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11 Mar 2015
GBP/USD: odds of a lower break high – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, with GBP/USD plotting a triangle formation on the hourly charts, a downside break towards 1.4950 is likely.
Key Quotes
“On the hourly charts, a triangle formation is visible, with the RSI below 50.00 levels pointing to a possible downside breakout.”
“A better-than-expected UK industrial production data could trigger an upside breakout, thereby opening doors for a target of 1.5135. However, it is essential that the pair sustains above 1.51 levels for further gains.”
“Meanwhile, a weak data is likely to see the pair break below 1.5 levels and move towards 1.4950.”
“The weekly chart shows, the attempt to rise above 1.51 has already failed. The pair is back below the 76.4% Fib retracement (1.4949-1.5550) located at 1.5090. Thus, the odds of pair falling back to 1.4950 are high.”
Key Quotes
“On the hourly charts, a triangle formation is visible, with the RSI below 50.00 levels pointing to a possible downside breakout.”
“A better-than-expected UK industrial production data could trigger an upside breakout, thereby opening doors for a target of 1.5135. However, it is essential that the pair sustains above 1.51 levels for further gains.”
“Meanwhile, a weak data is likely to see the pair break below 1.5 levels and move towards 1.4950.”
“The weekly chart shows, the attempt to rise above 1.51 has already failed. The pair is back below the 76.4% Fib retracement (1.4949-1.5550) located at 1.5090. Thus, the odds of pair falling back to 1.4950 are high.”