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Forex Technical Analysis GBP/USD 2013-05-23

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The GBPUSD held a bearish momentum since cap at 1.5584 and moved below 100 and 50 SMAS, accumulating more possibilities for downside development. in addition previous support around 1.5182 was penetrated and is now intial resistance. Still, the lower Bollinger band is a significant downside hurdle coupled by Stochastic being in the oversold zone which offsets possibilities for lower territory in the intraday.


We expect prices to enter in correction mood in the short-term since sentiment has gone to extreme negative levels. Thus retracement to 1.5182 is becoming a more probable scenario before bears regain control and drive the currency pair back to support at 1.5010, followed by 3-year low at 1.4824.



 

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