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20 May 2015
GBP/USD might dip to 1.5420 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, views that GBP/USD might dip towards 1.5420, with the pair having failed to take out 1.5519 earlier today.
Key Quotes
“The pair currently trades below the 23.6% Fib retrac. of 1.4564-1.5813 at 1.5519, after having ended below the same in the previous session. The pair also ended the previous session well below the 38.2% Fib retracement of the larger downtrend from 1.7190-1.4564 at 1.5568.”
“An attempt to take out 1.5519 failed today, consequently, we may see the pair dip towards its 200-DMA located at 1.5420.”
“On the upside, a break above 1.5519 could shift risk in favor of further upside to 1.5568.”
Key Quotes
“The pair currently trades below the 23.6% Fib retrac. of 1.4564-1.5813 at 1.5519, after having ended below the same in the previous session. The pair also ended the previous session well below the 38.2% Fib retracement of the larger downtrend from 1.7190-1.4564 at 1.5568.”
“An attempt to take out 1.5519 failed today, consequently, we may see the pair dip towards its 200-DMA located at 1.5420.”
“On the upside, a break above 1.5519 could shift risk in favor of further upside to 1.5568.”