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14 May 2015
GBP/USD might dip towards 1.57-1.5720 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes technicals suggest that GBP/USD might see a dip towards 1.57-1.5720 area, breaking below which might pave way for 1.5650 levels.
Key Quotes
“The pair currently trades 1.5750, after having finished above 1.57 levels in the previous session. On the 4-hour chart, the RSI has hit the overbought region and appears to be moving in a sideways channel, while on the hourly chart, the bearish RSI divergence has been confirmed. Consequently, the pair could dip to 1.57-1.5720.”
“The rising trend line support on the 4-hour chart is seen around 1.57, thus, a break below the same could open doors for a sell-off towards 1.5650 levels.”
“On the other hand, the immediate upside appears capped at 1.5794 (76.4% Fib exp of 1.4564-1.5490-1.5088). The pair is likely to be offered as fresh bids are likely once the pair confirms a daily close above 1.58.”
Key Quotes
“The pair currently trades 1.5750, after having finished above 1.57 levels in the previous session. On the 4-hour chart, the RSI has hit the overbought region and appears to be moving in a sideways channel, while on the hourly chart, the bearish RSI divergence has been confirmed. Consequently, the pair could dip to 1.57-1.5720.”
“The rising trend line support on the 4-hour chart is seen around 1.57, thus, a break below the same could open doors for a sell-off towards 1.5650 levels.”
“On the other hand, the immediate upside appears capped at 1.5794 (76.4% Fib exp of 1.4564-1.5490-1.5088). The pair is likely to be offered as fresh bids are likely once the pair confirms a daily close above 1.58.”