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15 May 2015
GBP/USD dominant bull trend remains in place – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, gives the technical outlook and key levels for GBP/USD, noting that 4H technical indicators remain in favour of the dominant bullish trend for the pair.
Key Quotes
“The GBP/USD pair fell down to 1.5700 ahead of the US macroeconomic releases, finally correcting lower after eight days of steady advances. Nevertheless, the pair found short term buying interest around the mentioned low, and slowly recovers ground.”
“Technically however, the 1 hour chart continues to favor the downside, as the 20 SMA stands above the current price whilst the indicators are barely bouncing from oversold levels.”
“In the 4 hours chart, the price hovers around a strongly bullish 20 SMA, whilst the RSI has corrected extreme overbought readings and hovers around 60, as the Momentum indicator turns flat above 100, suggesting the dominant bullish longer term trend remains firm in place.”
“Support levels: 1.5685 1.5650 1.5620”
“Resistance levels: 1.5730 1.5775 1.5810”
Key Quotes
“The GBP/USD pair fell down to 1.5700 ahead of the US macroeconomic releases, finally correcting lower after eight days of steady advances. Nevertheless, the pair found short term buying interest around the mentioned low, and slowly recovers ground.”
“Technically however, the 1 hour chart continues to favor the downside, as the 20 SMA stands above the current price whilst the indicators are barely bouncing from oversold levels.”
“In the 4 hours chart, the price hovers around a strongly bullish 20 SMA, whilst the RSI has corrected extreme overbought readings and hovers around 60, as the Momentum indicator turns flat above 100, suggesting the dominant bullish longer term trend remains firm in place.”
“Support levels: 1.5685 1.5650 1.5620”
“Resistance levels: 1.5730 1.5775 1.5810”