30 Apr 2015
GBP/USD: In a strong bullish trend despite UK elections - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the British Pound surged to 1.5497 against the greenback on the back of poor GDP readings, and ahead of the UK elections next week.
Key Quotes:
"The pair has managed to surge over 250 pips ever since the week started, and settled at fresh 2-month highs."
"The mild hawkish FED's statement has helped the pair correct the extreme overbought readings in the short term, albeit the bullish dominant trend remains in place."
"The market may take profits out of the table ahead of elections and the possibility of a hung Parliament, but that is something that will likely happen next week, when the date comes closer."
"Technically, the 1 hour chart shows that the technical indicators head lower after reaching extreme overbought levels, with the RSI indicator heading south around 63, but the 20 SMA maintains its bullish slope, offering an immediate intraday support around 1.5385."
"In the 4 hours chart, the technical indicators are also retreating from overbought levels, whilst the 20 SMA maintains a strong bullish slope below the current level."
Key Quotes:
"The pair has managed to surge over 250 pips ever since the week started, and settled at fresh 2-month highs."
"The mild hawkish FED's statement has helped the pair correct the extreme overbought readings in the short term, albeit the bullish dominant trend remains in place."
"The market may take profits out of the table ahead of elections and the possibility of a hung Parliament, but that is something that will likely happen next week, when the date comes closer."
"Technically, the 1 hour chart shows that the technical indicators head lower after reaching extreme overbought levels, with the RSI indicator heading south around 63, but the 20 SMA maintains its bullish slope, offering an immediate intraday support around 1.5385."
"In the 4 hours chart, the technical indicators are also retreating from overbought levels, whilst the 20 SMA maintains a strong bullish slope below the current level."