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17 Mar 2015
GBP/USD: Trading below key support of 1.4970 - RBS
FXStreet (Guatemala) - Dmytro Bondar, technical analyst at RBS explained that the GBP/USD price has broken through a key support level of 1.4970.
Key Quotes:
"1.4970, being the 76.4% retracement from 2001 – 2004 impulse wave."
"We were expecting the pair to form a local base there, but were wrong on this call. Cable broke below, implying there may still be some near-term weakness with the next major support area at 1.4470/50."
"The weekly MACD has formed a positive crossover and showed divergence with the price, confirming the pair should form a base."
"Overall, in the long run, we remain optimistic on Cable, but how much of the near-term weakness is still due. This is difficult to say for sure: we have support levels at 1.4700, 1.4605, 1.4526 and 1.4470/50. SUP: 1.4700, 1.470/50.
Key Quotes:
"1.4970, being the 76.4% retracement from 2001 – 2004 impulse wave."
"We were expecting the pair to form a local base there, but were wrong on this call. Cable broke below, implying there may still be some near-term weakness with the next major support area at 1.4470/50."
"The weekly MACD has formed a positive crossover and showed divergence with the price, confirming the pair should form a base."
"Overall, in the long run, we remain optimistic on Cable, but how much of the near-term weakness is still due. This is difficult to say for sure: we have support levels at 1.4700, 1.4605, 1.4526 and 1.4470/50. SUP: 1.4700, 1.470/50.