GBP/USD: sterling feeling slide on oil – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair edged lower for a third day in-a-row, having fell down to 1.4955 before recovering the 1.5500 level before the US close.

Key Quotes:

“The British Pound was weighed by falling oil prices, and worse-than-expected UK factory output, down in October by 0.1%. Industrial Production grew slightly above expected, not enough, however, to help the currency advance.

The pair enters the Asian session correcting its short term oversold readings, but maintaining a bearish tone, given that in the 1 hour chart, the technical indicators have bounced from extreme readings, but are now losing upward strength below their mid-lines, whilst the price remains well below a bearish 20 SMA.

In the 4 hours chart, the price is below the 20 SMA, while the technical indicators are aiming higher from near oversold territory, but remain well into negative territory and unable to confirm a clear directional strength.”
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Source:: FX Street