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11 Dec 2014
GBP/USD struggles to extend gains – FXStreet
FXStreet (Barcelona) - FXStreet Analyst and Editor, Omkar Godbole, notes that the GBP/USD pair is struggling to extend gains as it trades largely unchanged around 1.5716 levels.
Key Quotes
“The GBP/USD pair finished higher on Wednesday at 1.5711, although failing by narrow margin to breach the technical resistance at 1.5727. The pair is struggling to extend the gains today as it trades largely unchanged at 1.5716, after failing to sustain gains at the day’s high of 1.5758 levels.”
“Meanwhile, on the hourly chart, the pair has taken support at the 23.6% retracement level located at 1.5707. However, given the failure to sustain at day’s high, the pair is more likely to fall below 1.5707 and test the rising trend line support on the hourly chart located at 1.5687 levels. In such a case, the hourly RSI too would turn bearish.”
“Given the bearish daily RSI, the pair is more likely to extend losses towards 1.5660 levels. On the other hand, the GBP bulls may come-in once the pair rises above 1.5760 levels.”
Key Quotes
“The GBP/USD pair finished higher on Wednesday at 1.5711, although failing by narrow margin to breach the technical resistance at 1.5727. The pair is struggling to extend the gains today as it trades largely unchanged at 1.5716, after failing to sustain gains at the day’s high of 1.5758 levels.”
“Meanwhile, on the hourly chart, the pair has taken support at the 23.6% retracement level located at 1.5707. However, given the failure to sustain at day’s high, the pair is more likely to fall below 1.5707 and test the rising trend line support on the hourly chart located at 1.5687 levels. In such a case, the hourly RSI too would turn bearish.”
“Given the bearish daily RSI, the pair is more likely to extend losses towards 1.5660 levels. On the other hand, the GBP bulls may come-in once the pair rises above 1.5760 levels.”