19 Jun 2015
GBP/USD remains a buy on dips – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, explains that technicals suggest GBP/USD remains a buy on dips and the pair sees a strong support at 1.5810.
Key Quotes
“the pair´s technical picture supports a downward corrective movement, as the technical indicators are heading slightly lower from overbought territory, but the bullish trend remains intact, as the 20 SMA heads sharply higher below the current level, whilst price retracements remain shallow. At this point, seems better waiting to buy on dips, rather than betting on a strong downward movement, with a strong support now around the 1.5810 level. Below it, the pair can do down to 1.5770, but further losses are unlikely for today.”
“To the upside, a short term resistance comes at 1.5890, with renewed buying interest above it favoring a rally towards 1.5930, this week high, with additional advances beyond it aiming to approach the critical 1.6000 level.”
Key Quotes
“the pair´s technical picture supports a downward corrective movement, as the technical indicators are heading slightly lower from overbought territory, but the bullish trend remains intact, as the 20 SMA heads sharply higher below the current level, whilst price retracements remain shallow. At this point, seems better waiting to buy on dips, rather than betting on a strong downward movement, with a strong support now around the 1.5810 level. Below it, the pair can do down to 1.5770, but further losses are unlikely for today.”
“To the upside, a short term resistance comes at 1.5890, with renewed buying interest above it favoring a rally towards 1.5930, this week high, with additional advances beyond it aiming to approach the critical 1.6000 level.”