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4 Jun 2014
GBP/USD comatose by reflex - FXStreet
FXStreet (London) - Valeria Bednarik, FXStreet Chief Analyst notes that pound has been pretty indifferent to latest UK data, and for the most to anything going on across markets trading back and forth around 1.6750 for already 4 days in a row.
Key Quotes
“The market is not expecting for BOE tomorrow, which is meant to be another non event, but also for the ECB before taking decisions over the UK currency. For once, Pound may end up benefited by EUR weakness, and current comatose reflex will likely turn into a contrarian reaction.”
“The 4 hours chart shows a mild bearish tone coming from technical readings, yet 1.6700 has prove strong in the past, meaning only a clear break below it should signal a downward continuation towards 1.6650 price zone.”
“On the other hand, an advance above 1.6810 is required to see further gains eyeing then a possible test of 1.6850, a daily descendant trend line coming from this year high.”
Key Quotes
“The market is not expecting for BOE tomorrow, which is meant to be another non event, but also for the ECB before taking decisions over the UK currency. For once, Pound may end up benefited by EUR weakness, and current comatose reflex will likely turn into a contrarian reaction.”
“The 4 hours chart shows a mild bearish tone coming from technical readings, yet 1.6700 has prove strong in the past, meaning only a clear break below it should signal a downward continuation towards 1.6650 price zone.”
“On the other hand, an advance above 1.6810 is required to see further gains eyeing then a possible test of 1.6850, a daily descendant trend line coming from this year high.”