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31 Mar 2015
GBP/USD key support at 1.4750 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, explains that with the pair having bounced off again from 1.4750 levels, this support is key for the pair as a break below it would trigger a slide towards 1.4700.
Key Quotes
“Having bounced again from the 1.4750 price zone, the 4 hours chart presents a mild bearish tone, as the price develops below a bearish 20 SMA, currently around 1.4840, whilst the Momentum indicator stands below 100, lacking directional strength, and the RSI heads lower around 38.”
“At this point, price needs to break below the mentioned 1.4750 level to extend its decline, probably towards the 1.4700 price zone, with stops accumulating around 1.4690.”
“The upside is being limited by sellers around the 1.4800 figure, with a recovery above it probably seeing a short term upward extension towards the mentioned 1.4840 price zone.”
Key Quotes
“Having bounced again from the 1.4750 price zone, the 4 hours chart presents a mild bearish tone, as the price develops below a bearish 20 SMA, currently around 1.4840, whilst the Momentum indicator stands below 100, lacking directional strength, and the RSI heads lower around 38.”
“At this point, price needs to break below the mentioned 1.4750 level to extend its decline, probably towards the 1.4700 price zone, with stops accumulating around 1.4690.”
“The upside is being limited by sellers around the 1.4800 figure, with a recovery above it probably seeing a short term upward extension towards the mentioned 1.4840 price zone.”