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11 Dec 2014
GBP/USD losing momentum, unable to hold 1.57 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Matias Salord, notes that the GBP/USD is losing momentum and is unable to hold 1.57 levels as it tests the intraday support at 1.5650.
Key Quotes
“Currently the pair is testing intraday support at 1.5650; a break lower could pushed the pair toward 1.5620; and below here to 1.5580. Technical indicators are favoring the downside for the coming hours. Momentum is approaching the 100 line; a break lower would be a signal of a downside continuation. As long as it holds above 1.5580 the decline should be limited as the pair continues to be unable to move away from the area around 1.5670.”
“The upside is likely to remain limited as long as the pair holds below the descendant trend line that currently stands at 1.5785; a break higher would open the doors for 1.58 and even more, but as long as it remains below, expect sellers to show up around 1.5740.”
Key Quotes
“Currently the pair is testing intraday support at 1.5650; a break lower could pushed the pair toward 1.5620; and below here to 1.5580. Technical indicators are favoring the downside for the coming hours. Momentum is approaching the 100 line; a break lower would be a signal of a downside continuation. As long as it holds above 1.5580 the decline should be limited as the pair continues to be unable to move away from the area around 1.5670.”
“The upside is likely to remain limited as long as the pair holds below the descendant trend line that currently stands at 1.5785; a break higher would open the doors for 1.58 and even more, but as long as it remains below, expect sellers to show up around 1.5740.”