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GBP/USD: Break below 1.5190 need of time

Discussion in 'Forex Daily News & Outlook' started by INSTANTPIPSIGNAL, May 17, 2013.

  1. INSTANTPIPSIGNAL

    INSTANTPIPSIGNAL New Member

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    GBP/USD: Break below 1.5190 need of time

    GBP/USD has eased all the way back to its comfort zone around 1.5215, 50% retracement of the latest daily bullish run, after surging yesterday towards 1.5310, where the 38.2% retracement of the same rally halted the run. Technically, the 4 hours chart shows current candle below 20 SMA that acts as short term dynamic resistance around 1.5250 today, while indicators turn lower into negative territory, after finally correcting oversold readings. Overall, the bearish tone persists in the pair, although a break below 1.5190 is now required to confirm a downward extension, towards 1.5130 price zone.

    Recoveries up to 1.5310 will be seen as selling opportunities, and only steady gains above this last will deny the downside, with scope to test 1.5360, 200 EMA in the mentioned 4 hours chart.
     
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