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17 Mar 2015
GBP/USD: Scope for 1.4300 territory
FXStreet (Guatemala) - GBP/USD is currently trading at 1.4754 with a high of 1.4846 and a low of 1.4722.
GBP/USD continues to trade with a heavy tone below the pivot and is contained by the descending resistance line form 1.7190 and July 2014 highs. We are now testing the boundaries of the lower end of the wide channel formed at the beginnings of the financial crises as we approach this weeks FOMC decision and Yellen's press conference and Q&A's.
Meanwhile, and technically, Karen Jones, chief analyst at Commerzbank explained that while the pair trades below 1.4880/1.4985, there is scope to 1.4291/29, the 78.6% retracement of the move from 2009 and the 2010 low. "We notice that the weekly RSI has yet to confirm the move lower and some caution is needed. The near term accelerated downtrend is located at 1.4967 and while capped here the market remains directly offered. Key resistance remains the 1.5550 recent high."
GBP/USD continues to trade with a heavy tone below the pivot and is contained by the descending resistance line form 1.7190 and July 2014 highs. We are now testing the boundaries of the lower end of the wide channel formed at the beginnings of the financial crises as we approach this weeks FOMC decision and Yellen's press conference and Q&A's.
Meanwhile, and technically, Karen Jones, chief analyst at Commerzbank explained that while the pair trades below 1.4880/1.4985, there is scope to 1.4291/29, the 78.6% retracement of the move from 2009 and the 2010 low. "We notice that the weekly RSI has yet to confirm the move lower and some caution is needed. The near term accelerated downtrend is located at 1.4967 and while capped here the market remains directly offered. Key resistance remains the 1.5550 recent high."