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27 Aug 2015
GBP/USD: looking to advance more - FXstreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the British Pound remained under a strong selling pressure, with latest buyers quickly unwinding their long positions and fueling the decline.
Key Quotes:
"The release of the US Q2 GDP positive data sent the GBP/USD pair down to 1.5369, a fresh monthly low. On Friday, the UK will release the second estimate of the Q2 GDP figures, expected to match the previous estimate of 0.7%."
"The Pound may get a boost from an improved reading, but it will take at least a recovery above 1.5470 to take the pressure of the GBP/USD. Technically, the bias is lower, as the price is well below the mentioned 1.5460/70 region that has attracted buyers for most of the last month, and the 1 hour chart shows that the 20 SMA heads lower around the same price zone, whilst the technical indicators stand flat well below their mid-lines. In the 4 hours chart the technical indicators are posting limited bounces from extreme oversold readings, rather reflecting the ongoing short term upward correction than suggesting the pair may advance more."
Key Quotes:
"The release of the US Q2 GDP positive data sent the GBP/USD pair down to 1.5369, a fresh monthly low. On Friday, the UK will release the second estimate of the Q2 GDP figures, expected to match the previous estimate of 0.7%."
"The Pound may get a boost from an improved reading, but it will take at least a recovery above 1.5470 to take the pressure of the GBP/USD. Technically, the bias is lower, as the price is well below the mentioned 1.5460/70 region that has attracted buyers for most of the last month, and the 1 hour chart shows that the 20 SMA heads lower around the same price zone, whilst the technical indicators stand flat well below their mid-lines. In the 4 hours chart the technical indicators are posting limited bounces from extreme oversold readings, rather reflecting the ongoing short term upward correction than suggesting the pair may advance more."