19 Nov 2013
GBP/USD hits 4-day low and bounces
FXstreet.com (Córdoba) - The GBP/USD deepened its decline and hit fresh daily lows during the European session after breaking below the 1.6080 support zone.
The GBP/USD pierced below the 100-hour SMA and printed a 4-day low of 1.6058 before finding support and bouncing slightly. At time of writing, GBP/USD is trading at the 1.6085 zone, still 0.1% below its opening price. "The price action after yesterday's high at 1.6148 signals a minor reversal and the intraday outlook is rather negative, for a possible dip to 1.6040 area, before renewal of the upmove", said Stoyan Mihaylov, analyst at DeltaStock.com.
GBP/USD technical levels
As for technical levels, if GBP/USD breaks below 1.6058 (daily low), next supports could be 1.6050 (50-day SMA) and 1.6035 (200-hour SMA). On the other hand, resistances could be found at 1.6127 (daily high), 1.6147 (Nov 18 high) and 1.6207 (Oct 28 high).
The GBP/USD pierced below the 100-hour SMA and printed a 4-day low of 1.6058 before finding support and bouncing slightly. At time of writing, GBP/USD is trading at the 1.6085 zone, still 0.1% below its opening price. "The price action after yesterday's high at 1.6148 signals a minor reversal and the intraday outlook is rather negative, for a possible dip to 1.6040 area, before renewal of the upmove", said Stoyan Mihaylov, analyst at DeltaStock.com.
GBP/USD technical levels
As for technical levels, if GBP/USD breaks below 1.6058 (daily low), next supports could be 1.6050 (50-day SMA) and 1.6035 (200-hour SMA). On the other hand, resistances could be found at 1.6127 (daily high), 1.6147 (Nov 18 high) and 1.6207 (Oct 28 high).