Back
8 Aug 2014
GBP/USD extending decline - FXStreet
FXStreet (Łódź) - As FXStreet Chief Analyst Valeria Bednarik notes, the pound continues dropping against the dollar on Friday, having fallen below the 1.6800 level first time in over 2 months.
Key quotes
"Technically, the GBP/USD hourly chart shows a clear bearish potential, with 20 SMA heading lower and acting as dynamic resistance, and indicators heading south below their midlines."
"In the 4 hours chart RSI accelerates south below 30, while the rest of the technical readings also support a bearish continuation."
"With some stops now below 1.3770 and a break below it should see a downward acceleration towards 1.6700/30 price zone."
Key quotes
"Technically, the GBP/USD hourly chart shows a clear bearish potential, with 20 SMA heading lower and acting as dynamic resistance, and indicators heading south below their midlines."
"In the 4 hours chart RSI accelerates south below 30, while the rest of the technical readings also support a bearish continuation."
"With some stops now below 1.3770 and a break below it should see a downward acceleration towards 1.6700/30 price zone."