12 May 2015
GBP/USD: Momentum indicators aim higher on 4hr - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that GBP/USD surged to a fresh year high of 1.5709 during the European morning, and consolidated below it for the rest of the day, holding to its overall gains.
Key Quotes:
"The pair has been in a steady advance, having added over 600 pips in the last six trading days."
"Tuesday's rally in the British Pound was backed by improved UK data, as industrial and manufacturing production for March resulted up beating, surging for the most since September last year. The UK will release its monthly employment figures on Wednesday, expected little changed from previous month"
"Anyway, the employment report is a big market mover and a miss there can trigger some strong downward corrective movement in the pair. The trend however, is bullish and the 1 hour chart shows that the price stands above a bullish 20 SMA, whilst the technical indicators have lost their upward strength, but hold well into positive territory."
"In the 4 hours chart, the Momentum indicator aims higher well above the 100 level, the RSI indicator is also attempting to advance around 78, whilst the 20 SMA heads strongly north below the current level, all of which supports additional advances, should the price break above 1.5710 the immediate resistance."
Key Quotes:
"The pair has been in a steady advance, having added over 600 pips in the last six trading days."
"Tuesday's rally in the British Pound was backed by improved UK data, as industrial and manufacturing production for March resulted up beating, surging for the most since September last year. The UK will release its monthly employment figures on Wednesday, expected little changed from previous month"
"Anyway, the employment report is a big market mover and a miss there can trigger some strong downward corrective movement in the pair. The trend however, is bullish and the 1 hour chart shows that the price stands above a bullish 20 SMA, whilst the technical indicators have lost their upward strength, but hold well into positive territory."
"In the 4 hours chart, the Momentum indicator aims higher well above the 100 level, the RSI indicator is also attempting to advance around 78, whilst the 20 SMA heads strongly north below the current level, all of which supports additional advances, should the price break above 1.5710 the immediate resistance."