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Message: [QUOTE="team.ikofx, post: 75273, member: 31158"] [b]GBPUSD To Remain Under Pressure[/b] The British pound showed a lot of resiliency recently comparatively against the US dollar, but there is no doubt that the GBPUSD pair remains under pressure in the short term. The recent economic releases in the UK was mixed as the CPI misses missed the mark with a decline, and on the other hand, the UK retail sales data came better than expected with a solid increase. So, in short, the GBPUSD pair managed to hold the 1.5600.5550 support area. However, there is a monster resistance around the 1.5650 level, which is protecting upside in the pair. We need to see which way the pair goes in the coming sessions. There is a bearish trend line formed on the hourly chart of the GBPUSD pair, which protected the upside on a number of occasions. The most important and bearish signal to note is the fact that the pair is trading below the 100 and 200 hour moving averages. So, there is a lot of resistance on the way up for the GBPUSD pair. The pair recently failed to clear the 50% fib retracement level of the last leg from the 1.5784 high to 1.5538 low. So, the recent failure has put a lot of pressure on the British pound bulls, which might cause a heavy downside moving ahead. Any rallies closer to the mentioned trend line might find sellers in the near term. [IMG]http://s7.postimg.org/mwopklhaj/GBPUSD_12_22_2014.png[/IMG] On the downside, the 1.5550 level is an important support which might continue to act as a barrier for sellers. Overall, one might consider selling rallies as long as the pair is trading below the 200 hour MA. ------------------------------------- [B][I]Posted By IKOFX Technical Team: Online Forex Broker[/I][/B] [/QUOTE]

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