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24 Dec 2014
GBP/USD likely to re-test 1.5509 levels – FXStreet
FXStreet (Barcelona) - According to FXStreet Analyst and Editor, Omkar Godbole, the GBP/USD pair is likely to retest the rising trendline support at 1.5509 as the hourly RSI still remains bearish.
Key Quotes
“The GBP/USD pair finished lower at 1.5506 levels; breaching the previous cyclical low of 1.5539 on the daily closing basis. A minor correction is being witnessed at the time of writing, as the pair trades at 1.5523 levels, with the daily RSI bearish at 39.91 levels.”
“Meanwhile, the hourly chart shows, the pair has struggled to take out 1.5528 levels since the late US session yesterday. The hourly RSI may have recovered from the oversold zone, although it is still bearish at 44.79 levels. Thus, the pair is likely to re-test the rising trend line support on the hourly chart located at 1.5509 levels, below which losses could be extended to 1.5486 levels.”
“On the other hand, a rise above 1.5528 levels, shall open doors for 1.5550-60 levels on the upside, which also happens to be the 23.6% retracement level of the downtrend on the hourly charts.”
Key Quotes
“The GBP/USD pair finished lower at 1.5506 levels; breaching the previous cyclical low of 1.5539 on the daily closing basis. A minor correction is being witnessed at the time of writing, as the pair trades at 1.5523 levels, with the daily RSI bearish at 39.91 levels.”
“Meanwhile, the hourly chart shows, the pair has struggled to take out 1.5528 levels since the late US session yesterday. The hourly RSI may have recovered from the oversold zone, although it is still bearish at 44.79 levels. Thus, the pair is likely to re-test the rising trend line support on the hourly chart located at 1.5509 levels, below which losses could be extended to 1.5486 levels.”
“On the other hand, a rise above 1.5528 levels, shall open doors for 1.5550-60 levels on the upside, which also happens to be the 23.6% retracement level of the downtrend on the hourly charts.”