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4 Mar 2014
GBP/USD slipping below the channel
FXStreet (Guatemala) - GBP/USD has encountered some support from sliding from below the sideways channel that had been traded post the drop from the 1.6700 handle in the North American session.
Karen Jones, chief analyst at Commerzbank explained with respect to the downside that the market will need to break back below 1.6535 (50% retracement) in order to re-focus attention on to the 1.6259/29 support which remains key (September high and the 23.6% retracement of the move up from July 2013).
GBP/USD Levels
The 20 DMA is 1.6565, the 50 DMA is 1.6504 and the 200 DMA is 1.5942. RSI (14) reads 33.43. Key Support are ascending from 1.6535 and 1.6617. Spot is 1.6645. Resistances are 1.6660/70, 1.6769, 1.6823, 1.6852 and 1.6879.
Karen Jones, chief analyst at Commerzbank explained with respect to the downside that the market will need to break back below 1.6535 (50% retracement) in order to re-focus attention on to the 1.6259/29 support which remains key (September high and the 23.6% retracement of the move up from July 2013).
GBP/USD Levels
The 20 DMA is 1.6565, the 50 DMA is 1.6504 and the 200 DMA is 1.5942. RSI (14) reads 33.43. Key Support are ascending from 1.6535 and 1.6617. Spot is 1.6645. Resistances are 1.6660/70, 1.6769, 1.6823, 1.6852 and 1.6879.