Back
8 Jan 2015
GBP: Losing 500 pips over four days - FXStreet
FXStreet (Guatemala) - Valeria Benarik, chief analyst at FXStreet, noted Sterling’s bounce overnight from a daily low of 1.5054 given recent extent of losses.
Key Quotes:
“With no catalyst behind the latest decline, the pair has accumulated over 500 pips to the downside in the last 4 trading days, and a corrective movement seems likely, particularly if its managed to advance above the mentioned 1.5150 level".
“Technically, the 1 hour chart shows that the price is about to cross above its 20 SMA, whilst indicators bounced sharply and approach their midlines, still below them".
“In the 4 hours chart momentum also heads strongly up below 100, whilst RSI remains at 24, suggesting recoveries, if happen, will remain short lived unless the rally extends strongly above the 1.5200 level".
Key Quotes:
“With no catalyst behind the latest decline, the pair has accumulated over 500 pips to the downside in the last 4 trading days, and a corrective movement seems likely, particularly if its managed to advance above the mentioned 1.5150 level".
“Technically, the 1 hour chart shows that the price is about to cross above its 20 SMA, whilst indicators bounced sharply and approach their midlines, still below them".
“In the 4 hours chart momentum also heads strongly up below 100, whilst RSI remains at 24, suggesting recoveries, if happen, will remain short lived unless the rally extends strongly above the 1.5200 level".