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06/01/15 GBPUSD slides to 1.5200 support

06/01/15 GBPUSD slides to 1.5200 support

Bearish movements for the GBPUSD saw a long downside shadow towards 1.516 before an intraday support at 1.5200 gives rise to retracement hopes today. Resistance at 1.5277-1.5300 would likely resume normal service for the drop to resume, while a breakthrough higher could see the pair return to 1.5400.

Cable has come to exhaustion at the bottom of the downtrend channel Cable has come to exhaustion at the bottom of the downtrend channel.

A minor retracement has occurred at 1.5200 during Monday trading and could see a rebound towards 1.5400 should 1.527 and 1.534 be broken upwards. A minor retracement has occurred at 1.5200 during Monday trading and could see a rebound towards 1.5400 should 1.527 and 1.534 be broken upwards. A slight dip in the ADX could see the bearish momentum drop and change course for a retracement.

Later today during the U.K session we await the Services PMI data, which if last month’s figures were to be a benchmark, is expected to show modest growth again this time round. Yesterday’s construction PMI saw a dismal 57.6 reading, way lower than the expected 59.2 figure. GBPUSD slides to 1.5200 support intraday before a mild correction during the New York session going into the Asian session at time of writing.

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The MACD shows a crossover and a retracement in the downtrend is to be expected. Without a firm return above the 0 level the pair is never in danger of turning bullish. The MACD shows a crossover and a retracement in the downtrend is to be expected. Without a firm return above the 0 level the pair is never in danger of turning bullish.

 

Trend Direction  S3 S2 S1 R1 R2  R3
Slight
Bearish
1.5100 1.5144 1.5200 1.5277 1.5300 1.5400

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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