8 Apr 2015
GBP/USD eyeing a test of 1.5000 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, suggest that GBP/USD might test 1.5000 on a break above the resistance at 1.4950.
Key Quotes
“Technically, the 4 hours chart shows that the price crossed above a flat 20 SMA whilst the technical indicators are barely crossing their midlines to the upside, showing little upward strength.”
“Nevertheless, the pair trades at fresh weekly highs, and further advances beyond the static resistance at 1.4950, may lead to additional advances towards the 1.5000 region, where the 200 EMA should provide temporal resistance. If the price manages to break above this last, it would likely trigger stops, and the advance should accelerate, driving the pair up to the 1.5060 price zone.”
“Failure around 1.4950 on the other hand, can see the pair retracing back towards the 1.4900 level, albeit it will take a downward acceleration below 1.4880 to see the pair resuming the downside towards the 1.4830 price zone.”
Key Quotes
“Technically, the 4 hours chart shows that the price crossed above a flat 20 SMA whilst the technical indicators are barely crossing their midlines to the upside, showing little upward strength.”
“Nevertheless, the pair trades at fresh weekly highs, and further advances beyond the static resistance at 1.4950, may lead to additional advances towards the 1.5000 region, where the 200 EMA should provide temporal resistance. If the price manages to break above this last, it would likely trigger stops, and the advance should accelerate, driving the pair up to the 1.5060 price zone.”
“Failure around 1.4950 on the other hand, can see the pair retracing back towards the 1.4900 level, albeit it will take a downward acceleration below 1.4880 to see the pair resuming the downside towards the 1.4830 price zone.”