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3 Mar 2015
GBP/USD: Testung the downside; first support at 1.5350 - FXStreet
FXStreet (Guatemala) - The GBP/USD pair fell down to 1.5350, despite the upbeat UK data.
Key Quotes:
"The UK Markit Manufacturing PMI grew up to 54.1, the highest in seven months, from a revised 53.1 in January. British economy has seen a spike of activity, helped by lower oil prices reducing production costs."
"The BOE will have its monthly economic policy meeting this week, but no change is expected to be announced to the current rate or to the Assets Purchase Program. Technically, the 1 hour chart shows that the price broke below a daily ascendant trend line coming from 1.5208, February 12 daily low, and even completed a pullback to its before falling to fresh lows, supporting additional declines."
"In the same chart, the 20 SMA heads strongly lower above the current level, whilst the technical indicators present a mild bearish tone well below their mid-lines. In the 4 hours chart the 20 SMA heads lower above the current price, although the technical indicators are bouncing and approaching their mid-lines, still in negative territory."
"In this last time frame, the 200 EMA stands at 1.5340, while the pair has a low at 1.5331 from late February, becoming a critical support area for the upcoming hours; should the price break below, the pair will be exposed to further weakness, eyeing 1.5250 as the next probable bearish target."
Key Quotes:
"The UK Markit Manufacturing PMI grew up to 54.1, the highest in seven months, from a revised 53.1 in January. British economy has seen a spike of activity, helped by lower oil prices reducing production costs."
"The BOE will have its monthly economic policy meeting this week, but no change is expected to be announced to the current rate or to the Assets Purchase Program. Technically, the 1 hour chart shows that the price broke below a daily ascendant trend line coming from 1.5208, February 12 daily low, and even completed a pullback to its before falling to fresh lows, supporting additional declines."
"In the same chart, the 20 SMA heads strongly lower above the current level, whilst the technical indicators present a mild bearish tone well below their mid-lines. In the 4 hours chart the 20 SMA heads lower above the current price, although the technical indicators are bouncing and approaching their mid-lines, still in negative territory."
"In this last time frame, the 200 EMA stands at 1.5340, while the pair has a low at 1.5331 from late February, becoming a critical support area for the upcoming hours; should the price break below, the pair will be exposed to further weakness, eyeing 1.5250 as the next probable bearish target."