19 Jun 2015
GBP/USD rallies for second week; ready to close around 1.5900
FXStreet (Barranquilla) - The British Pound is ready to close Friday flat against the US Dollar, but performing a strong rally for second week in a row. The GBP/USD jumped 700 pips so far in the last two weeks. A journey from 1.5250 to 1.5930.
The GBP/USD is extending its recovery from April lows at 1.4580 and following the correction move from 1.5810 to 1.5170 in May. Then, the pair started its second drive uptrend towards current levels while testing an upward trend line resistance at 1.5950.
Currently, GBP/USD is trading at 1.5871, down 0.04% on the day, having posted a daily high at 1.5899 and low at 1.5836. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.
GBP/USD Forecast
According to the GBP/USD Forecast Poll, the GBP/USD is developing a top, "all the way down." The Forecast Poll says that "despite Pound's latest strength, market expectations are now of a steady decline, back towards the 1.5300 region."
In adition, Anil Panchal from Admiral Markerts, points out that "even after breaking the 1.5850 mark, the pair seems incapable of advancing further signaling a pullback to 1.5510 soon." On the other side, Jameel Ahmad from FXTM comments in the same Forecast Poll, that "the weak sentiment towards the Dollar is also driving the Cable." Ahmad expects a "cap to be put on GBPUSD upside gains at some point though."
Yohay Elam from ForexCrunch is clear: "The pound has reasons to rise."
GBP/USD levels
If the pair manages to close the week above 1.5810, it will find resistances at 1.5870, 1.5950 and 1.6000. To the downside, supports are at 1.5850, 1.5830 and 1.5805.
The GBP/USD is extending its recovery from April lows at 1.4580 and following the correction move from 1.5810 to 1.5170 in May. Then, the pair started its second drive uptrend towards current levels while testing an upward trend line resistance at 1.5950.
Currently, GBP/USD is trading at 1.5871, down 0.04% on the day, having posted a daily high at 1.5899 and low at 1.5836. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.
GBP/USD Forecast
According to the GBP/USD Forecast Poll, the GBP/USD is developing a top, "all the way down." The Forecast Poll says that "despite Pound's latest strength, market expectations are now of a steady decline, back towards the 1.5300 region."
In adition, Anil Panchal from Admiral Markerts, points out that "even after breaking the 1.5850 mark, the pair seems incapable of advancing further signaling a pullback to 1.5510 soon." On the other side, Jameel Ahmad from FXTM comments in the same Forecast Poll, that "the weak sentiment towards the Dollar is also driving the Cable." Ahmad expects a "cap to be put on GBPUSD upside gains at some point though."
Yohay Elam from ForexCrunch is clear: "The pound has reasons to rise."
GBP/USD levels
If the pair manages to close the week above 1.5810, it will find resistances at 1.5870, 1.5950 and 1.6000. To the downside, supports are at 1.5850, 1.5830 and 1.5805.