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29 Dec 2014
GBP/USD may weaken to 1.5386 levels – AceTrader
FXStreet (Barcelona) - The AceTrader Team explains that GBP/USD’s downtrend has resumed, and anticipate the pair to weaken to 1.5463 and then 1.5386 levels.
Key Quotes
“Looking at bigger picture, cable's weakness to 1.5486 signals MT down-trend fm 2014 near 6-year peak at 1.7192 (Jul) has resumed n outlook remains mildly bearish for further weakness to 1.5463 n then 1.5386 after consolidation, this is 50% of the intermediate fall fm 1.6186-1.5541 measured fm 1.5785. Having said that, as daily technical indicators wud display prominent 'bullish convergences' on such move, reckon 1.5346, being a 'natural' 61.8% r of the entire LT rise fm 1.3500 (2009 multi-decade low) to 1.7192 wud remain intact.”
“On the up-side, abv 1.5682 anytime wud confirm a temporary low is in place n risk stronger correction twd 1.5785 later.”
“Today, the horizontal movement in the 21-hr & 55-hr emas suggests initial range trading is in store n as long as 1.5600/08 res area holds, downside bias remains but below 1.5486 needed to extend marginally to 1.5450/60”
Key Quotes
“Looking at bigger picture, cable's weakness to 1.5486 signals MT down-trend fm 2014 near 6-year peak at 1.7192 (Jul) has resumed n outlook remains mildly bearish for further weakness to 1.5463 n then 1.5386 after consolidation, this is 50% of the intermediate fall fm 1.6186-1.5541 measured fm 1.5785. Having said that, as daily technical indicators wud display prominent 'bullish convergences' on such move, reckon 1.5346, being a 'natural' 61.8% r of the entire LT rise fm 1.3500 (2009 multi-decade low) to 1.7192 wud remain intact.”
“On the up-side, abv 1.5682 anytime wud confirm a temporary low is in place n risk stronger correction twd 1.5785 later.”
“Today, the horizontal movement in the 21-hr & 55-hr emas suggests initial range trading is in store n as long as 1.5600/08 res area holds, downside bias remains but below 1.5486 needed to extend marginally to 1.5450/60”