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8 May 2015
GBP/USD upside favoured – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes technicals suggest that GBP/USD remains mildly bearish, but might see buying on dips.
Key Quotes
“The British Pound surged to 1.5522 against the greenback following the UK exit polls, albeit investors took profits out of the table before the US employment data.”
“The GBP/USD pair fell down to 1.5354 following the release in quite a choppy reaction across the board, but finally recovered above the 1.5400 level where it stands.”
“Technically, the pair presents a mild bearish tone, as in the 1 hour chart, the price struggles to hold above a bullish 20 SMA whilst the technical indicators are heading slightly lower right above their mid-lines.”
“In the 4 hours chart the indicators head south in positive territory coming from extreme overbought levels, whilst the 20 SMA maintains a strong bullish slope, all of which suggests the upside remains favored with buyers taking their chances on dips.”
“Support levels: 1.5395 1.5355 1.5320“
“Resistance levels: 1.5460 1.5490 1.5530”
Key Quotes
“The British Pound surged to 1.5522 against the greenback following the UK exit polls, albeit investors took profits out of the table before the US employment data.”
“The GBP/USD pair fell down to 1.5354 following the release in quite a choppy reaction across the board, but finally recovered above the 1.5400 level where it stands.”
“Technically, the pair presents a mild bearish tone, as in the 1 hour chart, the price struggles to hold above a bullish 20 SMA whilst the technical indicators are heading slightly lower right above their mid-lines.”
“In the 4 hours chart the indicators head south in positive territory coming from extreme overbought levels, whilst the 20 SMA maintains a strong bullish slope, all of which suggests the upside remains favored with buyers taking their chances on dips.”
“Support levels: 1.5395 1.5355 1.5320“
“Resistance levels: 1.5460 1.5490 1.5530”