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4 Dec 2014
GBP/USD trading weak – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, the GBP/USD pair trades weak near 1.5678 levels after facing rejection at 1.5699 levels, with technicals pointing towards a bearish outlook for the pair.
Key Quotes
“The GBP/USD pair ended higher at 1.5685 levels, although it failed to sustain gains above the 10-DMA and 5-DMA levels. Similar action is being witnessed today as the pair trades weak at 1.5678 levels, after facing rejection at the 10-DMA located at 1.5699 levels.”
“The daily RSI continues to be bearish at 41.98 levels, however, the hourly RSI too, has turned bearish as I write, indicating the pair is more likely to test the channel support on the daily chart located at 1.5616 levels.”
“The sell-off towards 1.5616 levels shall gain momentum once the pair breaches the 5-DMA support located at 1.5676 levels.”
“Meanwhile, the GBP bulls would come-in strong once the pair confirms a daily close above 1.5738 levels.”
Key Quotes
“The GBP/USD pair ended higher at 1.5685 levels, although it failed to sustain gains above the 10-DMA and 5-DMA levels. Similar action is being witnessed today as the pair trades weak at 1.5678 levels, after facing rejection at the 10-DMA located at 1.5699 levels.”
“The daily RSI continues to be bearish at 41.98 levels, however, the hourly RSI too, has turned bearish as I write, indicating the pair is more likely to test the channel support on the daily chart located at 1.5616 levels.”
“The sell-off towards 1.5616 levels shall gain momentum once the pair breaches the 5-DMA support located at 1.5676 levels.”
“Meanwhile, the GBP bulls would come-in strong once the pair confirms a daily close above 1.5738 levels.”