17 Feb 2015
GBP/USD could test 1.5480 ahead of tomorrow's Fed minutes – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, uses the macro and technical picture to explain that GBP/USD might test 1.5480 levels ahead of tomorrow’s Fed minutes.
Key Quotes
“On Technical grounds, the pair has bounced-off from 1.5334, which is a 38.2% Fib expansion level of the movement from 1.4988 to 1.5334 and down to 1.5196 levels.”
“The GBP/USD pair dipped to 1.5350 levels ahead of the UK CPI data released today. The Markets had already priced-in the consensus estimate of a 0.3% year-on-year fall in January CPI. Thus, the pair recovered from the low of 1.5334 to trade at 1.5390 levels after the data came in-line with the estimates.”
“The pair is likely to continue to recover ahead of tomorrow’s Fed minutes.”
“The immediate gains could be capped at the resistance at 1.5450, however on the daily charts a major resistance is seen only at 1.5484 levels.”
“The 4-hour RSI and the hourly RSI is bullish indicating room for further upside in the pair.”
“The pair is likely to be bought on dips so long as it trades above 1.5334 levels.”
“Thus an up move anticipated at the current level of 1.5485 provides an attractive risk reward ratio.”
Key Quotes
“On Technical grounds, the pair has bounced-off from 1.5334, which is a 38.2% Fib expansion level of the movement from 1.4988 to 1.5334 and down to 1.5196 levels.”
“The GBP/USD pair dipped to 1.5350 levels ahead of the UK CPI data released today. The Markets had already priced-in the consensus estimate of a 0.3% year-on-year fall in January CPI. Thus, the pair recovered from the low of 1.5334 to trade at 1.5390 levels after the data came in-line with the estimates.”
“The pair is likely to continue to recover ahead of tomorrow’s Fed minutes.”
“The immediate gains could be capped at the resistance at 1.5450, however on the daily charts a major resistance is seen only at 1.5484 levels.”
“The 4-hour RSI and the hourly RSI is bullish indicating room for further upside in the pair.”
“The pair is likely to be bought on dips so long as it trades above 1.5334 levels.”
“Thus an up move anticipated at the current level of 1.5485 provides an attractive risk reward ratio.”