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Pound sees no relief - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that following the release of the poll on the Scottish independence referendum results, showing 51% votes in favor, GBP/USD is breaking through an early interbank low of 1.6150.

Key quotes

"Having closed on Friday at 1.6320, the daily high so far stands at 1.6235, and the fact that price breaks lower leaving the gap unfilled supports further falls for today."

"The 4 hours chart shows 20 SMA with a strong bearish slope well above current price, while momentum extends south despite in oversold levels."

"RSI in the same time frame stands at 11.70, with no signs of exhaustion or a probable reversal underway: immediate support stands now around the 1.6100 figure, with a break below exposing 1.6040/60 area in the short term, in route to the critical 1.6000 level."

"Above 1.6170 on the other hand may see a retest of the daily high of 1.6235, yet it will be above 1.6250 the pair will shrug off the bearish bias and attempt to fill the gap, not expected for the upcoming session."

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