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30 May 2014
GBP/USD poised to drift lower towards 1.6665 - SocGen
FXStreet (Bali) - GBP/USD looks set to extends its losses in the weeks ahead, according to Societe Generale Analysts Stephanie Aymes and Kusal Kansara.
Key Quotes
"GBP/USD has hit the key resistance of 1.70, the confluence of 2005 lows, 2009 highs and a 50% retracement of the correction from the 2008 high to 2009 lows. The pair has also made a break below a rising wedge pattern."
"With the weekly RSI indicator retracing from a graphical resistance, the pair is poised to drift lower towards 1.6665, with next support at 1.6570."
"GBP/USD has confirmed a head-and-shoulders pattern."
"The pair has broken below a rising wedge pattern drawn from November 2013 lows, and is approaching the support level of 1.6665, a break below which will trigger a further correction towards 1.6570, a 38.2% retracement from its November 2013 lows."
Key Quotes
"GBP/USD has hit the key resistance of 1.70, the confluence of 2005 lows, 2009 highs and a 50% retracement of the correction from the 2008 high to 2009 lows. The pair has also made a break below a rising wedge pattern."
"With the weekly RSI indicator retracing from a graphical resistance, the pair is poised to drift lower towards 1.6665, with next support at 1.6570."
"GBP/USD has confirmed a head-and-shoulders pattern."
"The pair has broken below a rising wedge pattern drawn from November 2013 lows, and is approaching the support level of 1.6665, a break below which will trigger a further correction towards 1.6570, a 38.2% retracement from its November 2013 lows."