FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the 4-hours chart in GBP/USD shows that the retracement found some support around its 200 EMA, around 1.5335, although a more relevant support comes at 1.5315, the 38.2% retracement of the pair’s latest bearish run.

Key Quotes:

“In the same chart, the RSI indicator is heading slightly lower from overbought levels, while the Momentum indicator also turned slightly lower but holds well above its mid-line, suggesting a limited downward scope. Should the dollar maintain its broad weakness, a break above the daily high should lead to a steadier advance up to the 1.5420/30 price zone, followed later by the 1.5460 price zone.

A downward acceleration through 1.5315 on the other hand, may see the pair retesting Thursday’s low at 1.5260, before finding some buying interest.”

Valeria Bednarik, chief analyst at FXStreet explained that the 4-hours chart in GBP/USD shows that the retracement found some support around its 200 EMA, around 1.5335, although a more relevant support comes at 1.5315, the 38.2% retracement of the pair’s latest bearish run.

(Market News Provided by FXstreet)

By FXOpen