GBP/USD: Risks Mounted to the Downside Below 1.4370 - FXStreet
GBP/USD: Risks Mounted to the Downside Below 1.4370 - FXStreet
Valeria Bednarik, chief analyst at FXStreet noted the technical conditions surrounding GBP/USD.
Key Quotes:
"In
the short term, the downside remains favored, as in the 1 hour chart,
the price is barely holding above a bullish 20 SMA, while the technical
indicators hold flat above their mid-lines, with no certain directional
strength.
In the 4 hours chart, the pair was unable to clearly
recover above the 1.4445 level, the 50% retracement of its latest
bullish run, whilst the RSI indicator has been rejected from its
mid-line and the Momentum indicator holds around its 100 line, all of
which indicates the risk remains towards the downside, particularly on a
break below 1.4370, the 61.8% retracement of its latest bullish run."
