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13 Mar 2015
GBP/USD buyers bail at key resistance on 1.50 handle - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the British Pound advanced to 1.5026 and was boosted by a better-than-expected Trade Balance data in the UK, as the local deficit shrunk to a 14 year low of £-8.412B in January.
Key Quotes:
"But the strength of the critical psychological figure was too much for buyers, and the pair retreated sharply after a short lived spike above it."
"Later during the US session, BOE's Governor Mark Carney commented that the UK is in no rush to raise rates, boosting the slide in the pair to fresh lows below the 1.4900 level."
"The pair fell as low as 1.4849 before stalling, now posting a tepid bounce from the mentioned low."
"The intraday charts however, continue to favor the downside, as in the 1 hour chart, the price develops well below a bearish 20 SMA, whilst the indicators hover around oversold levels."
"In the 4 hours chart the early intraday recovery stalled at a bearish 20 SMA currently around 1.5010, whilst the technical indicators maintain a bearish slope in negative territory, supporting another leg lower should the price break below 1.4850."
Key Quotes:
"But the strength of the critical psychological figure was too much for buyers, and the pair retreated sharply after a short lived spike above it."
"Later during the US session, BOE's Governor Mark Carney commented that the UK is in no rush to raise rates, boosting the slide in the pair to fresh lows below the 1.4900 level."
"The pair fell as low as 1.4849 before stalling, now posting a tepid bounce from the mentioned low."
"The intraday charts however, continue to favor the downside, as in the 1 hour chart, the price develops well below a bearish 20 SMA, whilst the indicators hover around oversold levels."
"In the 4 hours chart the early intraday recovery stalled at a bearish 20 SMA currently around 1.5010, whilst the technical indicators maintain a bearish slope in negative territory, supporting another leg lower should the price break below 1.4850."