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11 May 2015
GBP/USD might move towards 1.5364 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, sees downside potential for GBP/USD towards 1.5364 if the pair breaks below 1.54 levels.
Key Quotes
“On the daily chart, we see the pair has formed a double top formation as it declined from 1.55 levels seen on Friday to trade today at 1.5421 levels. This also marked a second failure to sustain gains above the 200-DMA located at 1.5445. Rejection at 200-DMA earlier today is likely to see the bearish tone persist ahead of the BOE meet.”
“The fresh offers could come-in once the pair breaks below 1.54, thereby pushing the pair to hourly 50-MA located at 1.5364.”
“On the contrary, fresh bids are seen only above 200-DMA located at 1.5445.”
Key Quotes
“On the daily chart, we see the pair has formed a double top formation as it declined from 1.55 levels seen on Friday to trade today at 1.5421 levels. This also marked a second failure to sustain gains above the 200-DMA located at 1.5445. Rejection at 200-DMA earlier today is likely to see the bearish tone persist ahead of the BOE meet.”
“The fresh offers could come-in once the pair breaks below 1.54, thereby pushing the pair to hourly 50-MA located at 1.5364.”
“On the contrary, fresh bids are seen only above 200-DMA located at 1.5445.”