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10 Apr 2015
GBP/USD poised to decline towards 1.4350/1.42 – SG
FXStreet (Barcelona) - Technical Analysts at Societe Generale, expect GBP/USD to extend its downtrend towards the support at 1.4350/1.42.
Key Quotes
“GBP/USD violated the multi-year upward channel last month, confirming the possibility of an extension in the downtrend. The monthly indicator has also breached a similar trend line, which gives credence to a price break.”
“The pair looks poised to decline towards the graphical support at 1.4350/1.42, also the 76.4% retracement of the 2009-2014 up move.”
“In the short term though, GBP/USD appears to be undergoing a sideways configuration. The daily RSI is under the graphical level of 50%, suggesting that the recovery is of limited nature and should be confined to the 100-day MA at 1.5280.”
Key Quotes
“GBP/USD violated the multi-year upward channel last month, confirming the possibility of an extension in the downtrend. The monthly indicator has also breached a similar trend line, which gives credence to a price break.”
“The pair looks poised to decline towards the graphical support at 1.4350/1.42, also the 76.4% retracement of the 2009-2014 up move.”
“In the short term though, GBP/USD appears to be undergoing a sideways configuration. The daily RSI is under the graphical level of 50%, suggesting that the recovery is of limited nature and should be confined to the 100-day MA at 1.5280.”