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3 Mar 2015
GBP/USD breaches the rising channel despite upbeat UK PMI – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, comments that GBP/USD's short-term outlook remains negative as long as the pair trades below 1.5478.
Key Quotes
“The pair ended the previous session lower at 1.5356; confirming a downside breakout from the rising channel seen on the daily charts.”
“A minor recovery is being witnessed today as the pair trades higher at 1.5388.”
“Multiple resistance are seen at 1.54 (5-DMA), 1.5409 (23.6% retracement of 1.4949-1.5550), 1.5420-24 (10-DMA and channel resistance), and 1.5443 (100-DMA). The pair could rise to 1.5400-1.5420 levels, whereby a fresh selling pressure can be anticipated.”
“Given the bearish close despite an upbeat UK PMI data, the pair could drop back to 1.5350 levels from 1.54-1.5420.”
“A break below 1.5350 could send the pair down to 1.5320 (38.2% retracement).”
“The short term outlook stays bearish so long as the pair trades below 1.5478 (23.6% retracement of 1.7190-1.4949).”
Key Quotes
“The pair ended the previous session lower at 1.5356; confirming a downside breakout from the rising channel seen on the daily charts.”
“A minor recovery is being witnessed today as the pair trades higher at 1.5388.”
“Multiple resistance are seen at 1.54 (5-DMA), 1.5409 (23.6% retracement of 1.4949-1.5550), 1.5420-24 (10-DMA and channel resistance), and 1.5443 (100-DMA). The pair could rise to 1.5400-1.5420 levels, whereby a fresh selling pressure can be anticipated.”
“Given the bearish close despite an upbeat UK PMI data, the pair could drop back to 1.5350 levels from 1.54-1.5420.”
“A break below 1.5350 could send the pair down to 1.5320 (38.2% retracement).”
“The short term outlook stays bearish so long as the pair trades below 1.5478 (23.6% retracement of 1.7190-1.4949).”