28 Apr 2015
GBP/USD technicals supporting additional strength – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes technicals remain supportive for additional gains in GBP/USD, with nearest resistance at 1.5305 and support at 1.5250.
Key Quotes
“The British Pound shrug off a worse-than-expected Q1 GDP reading, showing that the economy grew just 0.3% against expectations of a 0.5% advance. The GBP/USD pair fell down to 1.5174 following the news, although quickly recovered to a fresh 8-week high at 1.5304.”
“Considering the wide intraday range, seems unlikely the pair can advance further in the short term, without some consolidation or correction in the middle.”
“Technically, the 1 hour chart shows that the price stands above a bullish 20 SMA, whilst the Momentum indicator heads higher above 100 and the RSI stands flat near overbought territory.”
“In the 4 hours chart, indicators stand flat in overbought readings, whilst the 20 SMA heads sharply higher around the daily low, supporting the ongoing upward strength.”
“Support levels: 1.5250 1.5220 1.5175”
“Resistance levels: 1.5305 1.5340 1.5385”
Key Quotes
“The British Pound shrug off a worse-than-expected Q1 GDP reading, showing that the economy grew just 0.3% against expectations of a 0.5% advance. The GBP/USD pair fell down to 1.5174 following the news, although quickly recovered to a fresh 8-week high at 1.5304.”
“Considering the wide intraday range, seems unlikely the pair can advance further in the short term, without some consolidation or correction in the middle.”
“Technically, the 1 hour chart shows that the price stands above a bullish 20 SMA, whilst the Momentum indicator heads higher above 100 and the RSI stands flat near overbought territory.”
“In the 4 hours chart, indicators stand flat in overbought readings, whilst the 20 SMA heads sharply higher around the daily low, supporting the ongoing upward strength.”
“Support levels: 1.5250 1.5220 1.5175”
“Resistance levels: 1.5305 1.5340 1.5385”