30 Apr 2014
GBP/USD reaches fresh 4.5 years highs after worst US GDP since 2012
FXStreet (San Francisco) - The Sterling jumped to highs since November 2009 against the US Dollar at 1.6870 following the weak US GDP figures in the Q1.
The US Bureau of Economic Analysis reported a weak GDP increase of 0.1% in the US in the Q1; well below expectations and the lowest increase since the Q2 2012.
The GBP/USD rallied over 50 pips post-data from 1.6815 to the mentioned 1.6870. Currently, Cable is trading at 1.6856, up 0.18% on the day, having posted a daily high at 1.6871 and low at 1.6806.
The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.
GBP/USD sentiment
"The hourly chart shows indicators heading north above their midlines and price above a bullish 20 SMA, while the 4 hours chart shows indicators also heading higher above their midlines, with plenty room to advance," comments Valeria Bednarik from FXStreet.
Barriers are seen at 1.6875 and 1.6900 on th upside, while 1.6845 and 1.6830 are supports.
The US Bureau of Economic Analysis reported a weak GDP increase of 0.1% in the US in the Q1; well below expectations and the lowest increase since the Q2 2012.
The GBP/USD rallied over 50 pips post-data from 1.6815 to the mentioned 1.6870. Currently, Cable is trading at 1.6856, up 0.18% on the day, having posted a daily high at 1.6871 and low at 1.6806.
The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.
GBP/USD sentiment
"The hourly chart shows indicators heading north above their midlines and price above a bullish 20 SMA, while the 4 hours chart shows indicators also heading higher above their midlines, with plenty room to advance," comments Valeria Bednarik from FXStreet.
Barriers are seen at 1.6875 and 1.6900 on th upside, while 1.6845 and 1.6830 are supports.