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9 Feb 2015
GBP/USD upward extension likely – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that GBP/USD might move towards 1.5320/40 levels on a break above 1.5270 levels.
Key Quotes
“The pair found support in the 38.2% retracement of its latest bullish run measured from 1.4987 to 1.5351 around 1.5212, but so far remains capped below the 23.6% of the same rally, at 1.5265.”
“From a technical point of view, the 4 hours chart shows that the price has been consolidating a handful of pips above its 20 SMA and its 200 EMA, both around 1.5250, whilst technical indicators are directionless above their mid-lines.”
“With no relevant data to trigger market moves, sentiment will likely lead the way among currencies, and the GBP/USD needs to accelerate above 1.5270 to be able to produce an upward extension towards the 1.5320/40 price zone.”
“The downside will open only with a break below the mentioned Fibonacci support at 1.5212, eyeing then a bearish continuation towards the 1.5170 price zone in the short term.”
Key Quotes
“The pair found support in the 38.2% retracement of its latest bullish run measured from 1.4987 to 1.5351 around 1.5212, but so far remains capped below the 23.6% of the same rally, at 1.5265.”
“From a technical point of view, the 4 hours chart shows that the price has been consolidating a handful of pips above its 20 SMA and its 200 EMA, both around 1.5250, whilst technical indicators are directionless above their mid-lines.”
“With no relevant data to trigger market moves, sentiment will likely lead the way among currencies, and the GBP/USD needs to accelerate above 1.5270 to be able to produce an upward extension towards the 1.5320/40 price zone.”
“The downside will open only with a break below the mentioned Fibonacci support at 1.5212, eyeing then a bearish continuation towards the 1.5170 price zone in the short term.”