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1 Apr 2015
GBP/USD might drop to 1.4749 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, views that with GBP/USD failing at 1.4870, a drop to 1.4749 is possible if the UK PMI disappoints.
Key Quotes
“On the charts, the pair bounced from 1.4820, which is the 61.8% Fib retracement of the post Fed move from 1.4633-1.5122.”
“The upward momentum in the Asian session also saw the pair rise above the 23.6% Fib retracement of the down trend from 1.5550-1.4633 located at 1.4849.”
“Given the failure at 1.4870 (10-DMA) and at 1.4863 (hourly 200-MA), the pair could drop below 1.4849, and extend losses to 1.48 levels ahead of the PMI data.”
“The losses could be extended further to 1.4749 (76.4% Fib retracement) in case we do not see a positive surprise in the UK PMI report.”
Key Quotes
“On the charts, the pair bounced from 1.4820, which is the 61.8% Fib retracement of the post Fed move from 1.4633-1.5122.”
“The upward momentum in the Asian session also saw the pair rise above the 23.6% Fib retracement of the down trend from 1.5550-1.4633 located at 1.4849.”
“Given the failure at 1.4870 (10-DMA) and at 1.4863 (hourly 200-MA), the pair could drop below 1.4849, and extend losses to 1.48 levels ahead of the PMI data.”
“The losses could be extended further to 1.4749 (76.4% Fib retracement) in case we do not see a positive surprise in the UK PMI report.”