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24 Feb 2014
The GBP/USD trades below 1.6600
FXStreet (San Francisco) - The GBP/USD is extending its decline from 1.6678 with the cable breaking down the 1.6600 level and reaching fresh lows since February 12 at 1.6582.
The pair is currently trading at 1.6710, 0.15% negative in the day. The short term perspective remains slightly bearish according to the FXStreet trend index in the 15-minute chart. MACD, CCI and Momentum are pointing to the south while the Stochastic is bullish.
Gerry Davies from FXBeat commented the possibility of having "more sell stops said to be gathered through 1.6590 and 1.6580." In this regard, Valeria Bednarik from FXStreet pointed that the "in the 4 hours chart current candle slide helped indicators turn south after testing their midlines, while 20 SMA maintains a clear bearish slope above current price."
"A break below 1.6590 should lead to a quick test of 1.6550 price zone, ahead of 1.6510 next big static support," concluded Bednarik.
The pair is currently trading at 1.6710, 0.15% negative in the day. The short term perspective remains slightly bearish according to the FXStreet trend index in the 15-minute chart. MACD, CCI and Momentum are pointing to the south while the Stochastic is bullish.
Gerry Davies from FXBeat commented the possibility of having "more sell stops said to be gathered through 1.6590 and 1.6580." In this regard, Valeria Bednarik from FXStreet pointed that the "in the 4 hours chart current candle slide helped indicators turn south after testing their midlines, while 20 SMA maintains a clear bearish slope above current price."
"A break below 1.6590 should lead to a quick test of 1.6550 price zone, ahead of 1.6510 next big static support," concluded Bednarik.