29 Apr 2015
GBP/USD trades at 8-week highs; overbought? - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet, noted the conditions surrounding the bull run in GBP/USD.
Key Quotes:
"GBP/USD pair trades at a fresh 8-week high, having managed to ignore a poor GDP reading in the UK. Britain's economy slowed more than expected the first three months of 2015, as according to data, the GDP grew by 0.3%in the first quarter of this year, compared with the last three months of 2014 when quarterly growth was 0.6%."
"The initial reaction to the news sent the pair to a low of 1.5176, albeit weaker-than-expected US data and upcoming economic events in the country pushed the pair back up."
"The 1 hour chart shows that the price consolidates near the highs, with the 20 SMA heading higher currently around 1.5260, whilst the technical indicators are turning lower in overbought territory."
"In the 4 hours chart the Momentum indicator is turning lower well above its mid-line, whilst the RSI remains at 77 as the 20 SMA heads higher well below the current level, maintaining the bullish bias alive, and with eyes now in the 1.5500 level."
Key Quotes:
"GBP/USD pair trades at a fresh 8-week high, having managed to ignore a poor GDP reading in the UK. Britain's economy slowed more than expected the first three months of 2015, as according to data, the GDP grew by 0.3%in the first quarter of this year, compared with the last three months of 2014 when quarterly growth was 0.6%."
"The initial reaction to the news sent the pair to a low of 1.5176, albeit weaker-than-expected US data and upcoming economic events in the country pushed the pair back up."
"The 1 hour chart shows that the price consolidates near the highs, with the 20 SMA heading higher currently around 1.5260, whilst the technical indicators are turning lower in overbought territory."
"In the 4 hours chart the Momentum indicator is turning lower well above its mid-line, whilst the RSI remains at 77 as the 20 SMA heads higher well below the current level, maintaining the bullish bias alive, and with eyes now in the 1.5500 level."