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19 Jun 2013
GBP/USD at 2-week low, tide turned in bear's favour
FXstreet.com (Barcelona) - GBP/USD has suffered a major decline post Bernanke's speech, extending its yesterday's sell-off from 1.57 into fresh weekly low terrain right below 1.55. Today's 1% depreciation in the Sterling represents its lowest level in 2 weeks.
Bears rule the roost again
The sustained weakness below 1.5570, with daily close now confirmed below 1.55, hints at a critical transition from what has been a very fast 700+ pips move off 1.5035 lows to now expect a bearish biased to be established. Sellers will likely be on the lookout to select the right value areas to reinstate short positions.
In-House Chief Analyst sees further downside
Valeria Bednarik, Chief Analyst at FXstreet.com, also notes the 4 hours chart building up a bearish scenario, as pointed above, spotting key support now around 1.5420, 200 EMA 4-h chart. Sustained weakness below the latter number through a 1-hour candle opening bellow, "should point for a downward continuation towards 1.5250 by the end of the week" Bednarik said.
Bears rule the roost again
The sustained weakness below 1.5570, with daily close now confirmed below 1.55, hints at a critical transition from what has been a very fast 700+ pips move off 1.5035 lows to now expect a bearish biased to be established. Sellers will likely be on the lookout to select the right value areas to reinstate short positions.
In-House Chief Analyst sees further downside
Valeria Bednarik, Chief Analyst at FXstreet.com, also notes the 4 hours chart building up a bearish scenario, as pointed above, spotting key support now around 1.5420, 200 EMA 4-h chart. Sustained weakness below the latter number through a 1-hour candle opening bellow, "should point for a downward continuation towards 1.5250 by the end of the week" Bednarik said.