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GBP/USD Forecast: Risk towards 1.5500 - FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet sees a dominant bearish trend developing for the GBP/USD pair as it consolidates near its year low.

Key Quotes

“The GBP/USD consolidates near its year low, having been trading lower in range this Thursday, but pretty uneventfully with no data released in the UK.”

“Having extended its decline to 1.5752, the pair hovers in a quite strong midterm support area in between 1.5750 and 1.5780, which once broken, should favor a midterm continued slide towards the 1.5500 price zone.”

“Short term, the 4 hours chart shows price well below a bearish 20 SMA and momentum turning south below 100 as RSI holds steady near 30, all of which supports the dominant bearish trend"

"Short term, a downward acceleration below 1.5750 should favor a quick test of the 1.5700/20 price zone, whilst immediate short term resistance stands at 1.5780 and some steady gains above it may see the pair up to 1.5830/40 area, in short term relieve.”

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