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3 Sep 2014
GBP/USD maintains a strong bearish tone - FXStreet
FXStreet (Łódź) - According to FXStreet Chief Analyst Valeria Bednarik GBP/USD remains bearish on Wednesday, despite the positive UK August PMI Services data released in the European morning.
Key quotes
"Services PMI pushed the pair temporarily higher near 1.6500, but price pulled back down from it."
"The hourly chart however presents a mild positive tone with indicators aiming higher around their midlines, and price right above its 20 SMA."
"In the 4 hours chart however, indicators turned back south after a limited upside corrective, still near oversold levels."
"Renewed selling interest below 1.6435 should lead to a continued slide with a break below 1.6400 quite likely then. "
Key quotes
"Services PMI pushed the pair temporarily higher near 1.6500, but price pulled back down from it."
"The hourly chart however presents a mild positive tone with indicators aiming higher around their midlines, and price right above its 20 SMA."
"In the 4 hours chart however, indicators turned back south after a limited upside corrective, still near oversold levels."
"Renewed selling interest below 1.6435 should lead to a continued slide with a break below 1.6400 quite likely then. "