9 Dec 2014
GBP/USD likely to test 1.5679 levels – FXStreet
FXStreet (Barcelona) - FXStreet Analyst and Editor, Omkar Godbole, sees GBP/USD likely to touch the 10-DMA level located at 1.5679 as technical indicators turn bullish.
Key Quotes
“The GBP/USD pair finished higher at 1.5645 levels on Monday, narrowly closing above the 5-DMA level. The gains are being extended today as the pair trades higher at 1.5658, after recovering from the day’s low to trade above the 5-DMA located at 1.5647 levels.”
“Meanwhile, on the hourly charts, the RSI has turned bullish. Thus the pair is likely to test the 10-DMA level located at 1.5679 during the European session. Interestingly, the pair has formed an inverted Head and Shoulder formation on the hourly chart with the neckline resistance currently located at 1.5679 levels. Thus, a fresh demand for Pounds can be anticipated once the pair rises above 1.5679 levels.”
“Moreover, a breakout from the inverted Head and Shoulder formation shall open doors for an upside target of 1.5818 levels. On the other hand, the GBP bears may come-in if the pair falls below 1.5620 levels.”
Key Quotes
“The GBP/USD pair finished higher at 1.5645 levels on Monday, narrowly closing above the 5-DMA level. The gains are being extended today as the pair trades higher at 1.5658, after recovering from the day’s low to trade above the 5-DMA located at 1.5647 levels.”
“Meanwhile, on the hourly charts, the RSI has turned bullish. Thus the pair is likely to test the 10-DMA level located at 1.5679 during the European session. Interestingly, the pair has formed an inverted Head and Shoulder formation on the hourly chart with the neckline resistance currently located at 1.5679 levels. Thus, a fresh demand for Pounds can be anticipated once the pair rises above 1.5679 levels.”
“Moreover, a breakout from the inverted Head and Shoulder formation shall open doors for an upside target of 1.5818 levels. On the other hand, the GBP bears may come-in if the pair falls below 1.5620 levels.”