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2 Jun 2015
GBP/USD: Bearish; 1.5330 is key resistance - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the British Pound continued falling against its rivals.
Key Quotes:
"...As the UK manufacturing expanded at a lower-than-expected pace in May, printing 52.00 against expectations of 52.5. April reading was revised lower, which resulted in the GBP/USD extending its decline through the 1.5200 level for the first time since early May."
"The pair posted a limited bounce after US data, but maintains a negative tone, as the 1 hour chart shows that the price develops below a bearish 20 SMA whilst the technical indicators are barely recovering from oversold levels."
"In the 4 hours chart the 20 SMA maintains a strong bearish slope around 1.5300, whilst the technical indicators also aim higher in negative territory. Nevertheless, unless a clear recovery beyond 1.5330, the pair will likely remain under pressure, with sellers taking their chances at higher levels."
Key Quotes:
"...As the UK manufacturing expanded at a lower-than-expected pace in May, printing 52.00 against expectations of 52.5. April reading was revised lower, which resulted in the GBP/USD extending its decline through the 1.5200 level for the first time since early May."
"The pair posted a limited bounce after US data, but maintains a negative tone, as the 1 hour chart shows that the price develops below a bearish 20 SMA whilst the technical indicators are barely recovering from oversold levels."
"In the 4 hours chart the 20 SMA maintains a strong bearish slope around 1.5300, whilst the technical indicators also aim higher in negative territory. Nevertheless, unless a clear recovery beyond 1.5330, the pair will likely remain under pressure, with sellers taking their chances at higher levels."