24 Mar 2015
GBP/USD bullish above 1.4950 – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team views that a GBP/USD move towards 1.5550 is likely on a break above 1.4950.
Key Quotes
“Technically, the cable continues immerse in a clear downtrend initiated ten months ago. Once the main trend-line was broker a few weeks ago, we thought that was a good sign that the bullish had took the control but seen the pair was not able to cross the 1.5550 resistance we changed our idea.”
“Now the GBPUSD is in similar situation, fighting with the 1.4950 resistance which, if is finally crossed, could boost the pair to try again to reach the important level of 1.5550. Below the current price, the lows reached last week should work as a support.”
Key Quotes
“Technically, the cable continues immerse in a clear downtrend initiated ten months ago. Once the main trend-line was broker a few weeks ago, we thought that was a good sign that the bullish had took the control but seen the pair was not able to cross the 1.5550 resistance we changed our idea.”
“Now the GBPUSD is in similar situation, fighting with the 1.4950 resistance which, if is finally crossed, could boost the pair to try again to reach the important level of 1.5550. Below the current price, the lows reached last week should work as a support.”