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GBP/USD upside limited by 1.5735 – FXStreet

FXStreet (Barcelona) - Matias Salord, Analyst at FXStreet sees consolidation likely to persist today for the GBP/USD pair as it trades sideways within its trading range.

Key Quotes

“Technical indicators in the 4-hour chart favor the downside for the coming hours, with price below the 20-SMA; but the resistance at 1.5620 could limit the decline. Below here, 2014 lows at 1.5580/90, is even a stronger support.”

“If GBP/USD continues to decline below 1.5580, could target 1.5550, but with no fundamental data ahead, not much volatility is expected.”

“A recovery back above 1.5665 on the other hand could give support to the pair, but above 1.5710 the pair is likely to lose strength. A break of 1.5740 with a consolidation on top would open the doors for a rise toward the next resistance located around 1.5780.”

“The daily chart shows the bearish trend intact, with the pair consolidating between 1.5740 and 1.5590 since Monday after losing 400 pips from Nov 3 to Nov 14. Consolidation is likely to persist on Friday.”

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