8 Jul 2014
GBP/USD falls on disappointing manufacturing data - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that GBP/USD dropped to 1.7085 on the day against the greenback, as industrial production and manufacturing data for May came in worse than expected.
Key quotes
"Buyers however took their chances and price recovered above the 1.7100 figure, still unable to confirm a break higher in the short term, as per the hourly chart showing price capped below a bearish 20 SMA and indicators heading lower below their midlines."
"In the 4 hours chart technical readings present a strong bearish tone, with price below its 20 SMA and indicators heading south into negative territory."
"Nevertheless risk to the downside is being limited by 1.7060, 23.6% retracement of the latest daily bullish run."
Key quotes
"Buyers however took their chances and price recovered above the 1.7100 figure, still unable to confirm a break higher in the short term, as per the hourly chart showing price capped below a bearish 20 SMA and indicators heading lower below their midlines."
"In the 4 hours chart technical readings present a strong bearish tone, with price below its 20 SMA and indicators heading south into negative territory."
"Nevertheless risk to the downside is being limited by 1.7060, 23.6% retracement of the latest daily bullish run."