The GBP/USD pair accelerates south after breaking below the 1.5700 figure, supported by rising indexes across Europe: investors’ mood improved as WTI crude futures bounce above $58 a barrel after reaching a fresh 5-year low of $ 56.25, albeit risk for both, oil and stocks remains to the downside.
Technically, the 1.5750 price zone has proved once again its strength as resistance, as the level has been attracting selling interest since late November. Stops got tripped below 1.5700, fueling the side and pointing now for an approach to the 1.5610/20 area, first line of buying interest. The 4 hours chart shows the price extending below its 20 SMA and indicators accelerating below their midlines, supporting further declines; a break below mentioned 1.5610 price zone should see the bearish momentum extending, and price reaching 1.5550 price zone.
The pair needs to recover above 1.5700 to revert current negative intraday tone, and advance again towards mentioned 1.5740/60 area, albeit a break above this last seems unlikely for today.
View Live Chart for GBP/USD
Technically, the 1.5750 price zone has proved once again its strength as resistance, as the level has been attracting selling interest since late November. Stops got tripped below 1.5700, fueling the side and pointing now for an approach to the 1.5610/20 area, first line of buying interest. The 4 hours chart shows the price extending below its 20 SMA and indicators accelerating below their midlines, supporting further declines; a break below mentioned 1.5610 price zone should see the bearish momentum extending, and price reaching 1.5550 price zone.
The pair needs to recover above 1.5700 to revert current negative intraday tone, and advance again towards mentioned 1.5740/60 area, albeit a break above this last seems unlikely for today.
View Live Chart for GBP/USD
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