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5 Jan 2015
GBP/USD critical support at 1.5200 - FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares that 1.5200 is a critical support and a probable short term bearish target for GBP/USD, further suggesting that a break below this could lead the pair to slide towards the 1.5000 price zone.
Key Quotes
“Technically, the 4 hours chart shows that the price is consolidating below its daily high of 1.5318 and developing well below its 20 SMA, while indicators continue to head lower in extreme oversold levels.”
“A long term ascendant trend line coming from 1.3501 January 2009 monthly low, stands around 1.5200 this week, becoming a critical support and probable short term bearish target in the case 1.5240 gives up.”
“Further declines below 1.5200 should lead to a continued slide over the upcoming sessions towards the 1.5000 figure.“
“The immediate resistance comes at 1.5320 with an advance above it probably supporting an upward corrective movement up to the 1.5360 price zone.”
Key Quotes
“Technically, the 4 hours chart shows that the price is consolidating below its daily high of 1.5318 and developing well below its 20 SMA, while indicators continue to head lower in extreme oversold levels.”
“A long term ascendant trend line coming from 1.3501 January 2009 monthly low, stands around 1.5200 this week, becoming a critical support and probable short term bearish target in the case 1.5240 gives up.”
“Further declines below 1.5200 should lead to a continued slide over the upcoming sessions towards the 1.5000 figure.“
“The immediate resistance comes at 1.5320 with an advance above it probably supporting an upward corrective movement up to the 1.5360 price zone.”