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2 Dec 2014
GBP/USD fell to fresh daily low at 1.5630
FXStreet (San Francisco) - The pound is extending its decline from 1.5730 against the US dollar to reach a new daily low at 1.5630. The greenback is regaining its momentum as an inverse movement of the previous falls in the USD and rebound in commodity prices.
Currently, GBP/USD is trading at 1.5639, down -0.64% on the day, having posted a daily high at 1.5745 and low at 1.5632. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
GBP/USD sentiment
Valeria Bednarik comments about the 4-hour chart that the "price is back below its 20 SMA while indicators retrace from their midlines, gaining downward strength. A break below mentioned weekly low may see the slide extending towards 1.5615, strong static support level, while sellers will likely defend now the 1.5700 figure."
To the downside, supports are at 1.5630, 1.5615 and 1.5600. To the upside, resistances are at 1.5665, 1.5700 and 1.5730.
Currently, GBP/USD is trading at 1.5639, down -0.64% on the day, having posted a daily high at 1.5745 and low at 1.5632. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
GBP/USD sentiment
Valeria Bednarik comments about the 4-hour chart that the "price is back below its 20 SMA while indicators retrace from their midlines, gaining downward strength. A break below mentioned weekly low may see the slide extending towards 1.5615, strong static support level, while sellers will likely defend now the 1.5700 figure."
To the downside, supports are at 1.5630, 1.5615 and 1.5600. To the upside, resistances are at 1.5665, 1.5700 and 1.5730.