11 Jul 2013
GBP/USD breaks above 1.5000 on Fed comments
FXstreet.com (New York) - The GBP/USD has completely pulled a 180º turn after yesterdays staunch decline, completely retracing its weekly losses and surging above the 1.5000 barrier during Asian trading.
The primary impetus of the recent GBP recovery against the USD has been the advent of the FOMC and the dovishness wrought with its comments today. In these moments, the GBP/USD is currently navigating the region of 1.5023, establishing fresh highs after a sizable bounce.
GBP/USD strategic bias
The GBP/USD extended its recovery from a yearly low yesterday (1.4812), surging past 1.5000 amidst the retracement. According to Analyst Valeria Bednarik at FXstreet.com, “The hourly chart shows the pair is slightly bullish at its 20-SMA and indicators flat in positive territory, while in the 4 hours chart technical readings point for some further upward pressure, at least in corrective mode. Steady gains above 1.5000 however, are now required to confirm such continuation, eyeing then 1.5050 area in the short-term.”
The primary impetus of the recent GBP recovery against the USD has been the advent of the FOMC and the dovishness wrought with its comments today. In these moments, the GBP/USD is currently navigating the region of 1.5023, establishing fresh highs after a sizable bounce.
GBP/USD strategic bias
The GBP/USD extended its recovery from a yearly low yesterday (1.4812), surging past 1.5000 amidst the retracement. According to Analyst Valeria Bednarik at FXstreet.com, “The hourly chart shows the pair is slightly bullish at its 20-SMA and indicators flat in positive territory, while in the 4 hours chart technical readings point for some further upward pressure, at least in corrective mode. Steady gains above 1.5000 however, are now required to confirm such continuation, eyeing then 1.5050 area in the short-term.”