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GBP/USD risk reveals Nov 2013 lows - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the GBP/USD trades below the 1.6000 figure.

Key Quotes:

“…steady near past week lows, weighted not only by dollar strength, but on comments coming from BOE members delaying a rate hike in the UK”.

“The technical picture in the short term is bearish with the 1 hour indicators correcting partially the extreme oversold readings reached on Friday”.

“Some consolidation in price below the 1.6000 figure can be expected as indicators correct higher, yet if the level holds, the downside is exposed towards 1.5853 November 2013 monthly low during the upcoming sessions”.

“In the 4 hours chart the technical picture is also of oversold readings, yet most critical technical readings is the weekly candle opening below 200 SMA around the critical 1.6000 figure, first since September 2013. As long as below the level, the downside is favored towards 1.5910 first, in route to mentioned 1.5850 price zone”.

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