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24 Sep 2014
GBP/USD remains around 1.6400 - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that the GBP has been steady, trading between Fibonacci levels recently, due to a lack of market-moving UK economic data.
Key quotes
"The GBP/USD however, remains around 1.6400, a few pips below the 61.8% retracement of this month fall, at 1.6415, level that tested already several times this week."
"The 4 hours chart shows an ascendant trend line coming from 1.6051 containing the downside today around 1.6350."
"Indicators in the same time frame tuned lower still in positive territory, while price develops above its 20 SMA that anyway presents a bearish slope, showing there’s not enough upward strength in the pair at the time being."
"A strong acceleration above 1.6415 is required then to confirm a bullish move, eyeing 1.6460 in the short term, while dips down to 1.6350 will likely be seen as buying opportunities."
Key quotes
"The GBP/USD however, remains around 1.6400, a few pips below the 61.8% retracement of this month fall, at 1.6415, level that tested already several times this week."
"The 4 hours chart shows an ascendant trend line coming from 1.6051 containing the downside today around 1.6350."
"Indicators in the same time frame tuned lower still in positive territory, while price develops above its 20 SMA that anyway presents a bearish slope, showing there’s not enough upward strength in the pair at the time being."
"A strong acceleration above 1.6415 is required then to confirm a bullish move, eyeing 1.6460 in the short term, while dips down to 1.6350 will likely be seen as buying opportunities."