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Draghi’s words cause Pound to slide - FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, observes that Pound’s slide from the fresh 11 day high of 1.5825 is a result of the short term momentum in USD after Draghi’s words.

Key Quotes

“The GBP/USD pair eased from a fresh 11-day high of 1.5825, now pressuring the top of these last 2-week range around 1.5740. With no local data, Pound slide has been attributed to dollar short term momentum after Draghi’s words.”

“Technically, the 1 hour chart shows an increasing bearish potential, with price below its 20 SMA and indicators heading lower well below their midlines.”

“In the 4 hours chart 20 SMA maintains its bullish slope currently around 1.5710, while indicators stand flat in positive territory. Further declines below 1.5740 should deny chances of a firmer advance rather than suggest a continued slide for today.”

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