FXStreet (Barcelona) – Valeria Bednarik, Chief Analyst at FXStreet, expects a GBP/USD decline below the daily low at 1.5253 to lead to declines towards 1.5210 and even 1.5169.
Key Quotes
“The pair accelerated its decline down to 1.5253 so far today, and trades around the 1.5260 strong static support level. In the 4 hours chart, the price is breaking through its 20 SMA, whilst the technical indicators are crossing their mid-lines towards the downside with a sharp bearish slope, all of which supports further declines for the day.”
“If the prices accelerates below the mentioned daily low, the decline can extend down to the 1.5210 price zone, with a break below this last favoring an extension to this June low at 1.5169.”
“The immediate resistance is now the 1.5300 figure, with short term selling interest probably surging there if reached. The price needs to advance and stabilize beyond it to be able to revert the negative intraday tone, and recover up to the 1.5360 region later on in the day.”
(Market News Provided by FXstreet)