13 May 2015
Going long on GBP/USD, targeting 1.5880 – Growth Aces
FXStreet (Barcelona) - The Growth Aces Research Team suggest buying GBP/USD dips, maintaining a bullish target at 1.5880.
Key Quotes
“The GBP/USD was volatile today. It powered to a five-month high at 1.5749 after data showed British earnings growth picking up more than expected in the first quarter. The GBP fell back soon after the Bank of England cut its forecasts for British economic growth over the next three years and backed expectations it will only start to raise interest rates in around a year's time.”
“We are looking to get long on dips. In our opinion the 1.5880 (50% fibo of the July 2014-April 2015 slide) is the next bull target. If our buy order at 1.5550 is filled, the stop-loss should be set below the previous peak (1.5498).”
“Resistance: 1.5753 (high Dec 17, 2014), 1.5785 (high Dec 16, 2016), 1.5826 (high Nov 27, 2014)”
“Support: 1.5642 (hourly low May 12), 1.5618 (200-dma), 1.5498 (high Apr 29)”
“GBP/USD: buy at 1.5550, if filled – target 1.5880, stop-loss 1.5450, risk factor ***”
Key Quotes
“The GBP/USD was volatile today. It powered to a five-month high at 1.5749 after data showed British earnings growth picking up more than expected in the first quarter. The GBP fell back soon after the Bank of England cut its forecasts for British economic growth over the next three years and backed expectations it will only start to raise interest rates in around a year's time.”
“We are looking to get long on dips. In our opinion the 1.5880 (50% fibo of the July 2014-April 2015 slide) is the next bull target. If our buy order at 1.5550 is filled, the stop-loss should be set below the previous peak (1.5498).”
“Resistance: 1.5753 (high Dec 17, 2014), 1.5785 (high Dec 16, 2016), 1.5826 (high Nov 27, 2014)”
“Support: 1.5642 (hourly low May 12), 1.5618 (200-dma), 1.5498 (high Apr 29)”
“GBP/USD: buy at 1.5550, if filled – target 1.5880, stop-loss 1.5450, risk factor ***”