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15 May 2015
GBP/USD might fall down to 1.5720/15 – CharmerCharts
FXStreet (Barcelona) - Carol Harmer of CharmerCharts, shares the outlook for GBP/USD, anticipating a move lower towards 1.5720/15 with the pair having broken the daily pivot at 1.5772.
Key Quotes
“After breaking 1.5775 Cable couldn't do much and filtered out at 1.5815 which was our next resistance level...we are showing a bit of divergence now on the charts, and this makes me think that the price has run itself out.”
“Now it is always hard selling into a upward trending market...no one likes to countertrend... but I think if we can get back below the Daily pivot of 1.5772 there is a chance for the marker to come down to the 1.5720/15 area.”
“Here we cover all shorts....Attempt very small longs, but keep stops tight below 1.5695....as a break below here sees further weakness down to 1.5665/55.”
“Now obviously the downside bias all depends on whether or not Cable can try once more for the topside. We are at the daily pivot now and there is scope if we can stay above here for the 1.5815/25 resistance once more...Take profits to here...re-sell stops tight above 1.5835.”
Key Quotes
“After breaking 1.5775 Cable couldn't do much and filtered out at 1.5815 which was our next resistance level...we are showing a bit of divergence now on the charts, and this makes me think that the price has run itself out.”
“Now it is always hard selling into a upward trending market...no one likes to countertrend... but I think if we can get back below the Daily pivot of 1.5772 there is a chance for the marker to come down to the 1.5720/15 area.”
“Here we cover all shorts....Attempt very small longs, but keep stops tight below 1.5695....as a break below here sees further weakness down to 1.5665/55.”
“Now obviously the downside bias all depends on whether or not Cable can try once more for the topside. We are at the daily pivot now and there is scope if we can stay above here for the 1.5815/25 resistance once more...Take profits to here...re-sell stops tight above 1.5835.”