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GBP/USD: Abrupt declines below 1.52

The GBP/USD pair initially rose during Monday session above 1.583 only to fall later and close at 1.529. At 1.5304 at the time of writing, the market seems to follow the same pattern as yesterday. With key resistance at 1.538 and the RSI standing below its neutrality area, we expect the market to try to push lower. Key level for the bears to watch sits at 1.52. A break below that level could open the door for a abrupt declines all the way down to the psychologically important area at 1.50. In the alternative scenario, we have to see a break above Monday’s highs for a good buying opportunity to arise. However, we are in a bearish market and any upside is likely to be limited to very-short term.

Dafni Serdari
Market Analyst
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The comment in this blog is the personal opinion of the contributors and not Intertrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. Intertrader.com is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.

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