9 Jul 2015
GBP/USD forecast: eyes 1.5430 and above – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes that the bullish divergence on hourly charts remain supportive for a GBP/USD move towards 1.5424 and also 1.5460 on certain conditions.
Key Quotes
“The pair managed to sustain above 1.5348 (76.4% Fib R of June rally) after the RSI hit the oversold region in the hourly and 4-hour chart. The bullish RSI divergence on the hourly chart could help the spot recover to 1.5424 (hourly 50-MA). However, only an hourly close above 1.5408 (38.2% Fib R of Apr-Jun rally), would open doors for 1.5460 (61.8% Fib of June rally).”
“On the other hand, a failure to take out and sustain above 1.5408 could bring in fresh offers and push the spot lower to 1.5560-1.5550.”
Key Quotes
“The pair managed to sustain above 1.5348 (76.4% Fib R of June rally) after the RSI hit the oversold region in the hourly and 4-hour chart. The bullish RSI divergence on the hourly chart could help the spot recover to 1.5424 (hourly 50-MA). However, only an hourly close above 1.5408 (38.2% Fib R of Apr-Jun rally), would open doors for 1.5460 (61.8% Fib of June rally).”
“On the other hand, a failure to take out and sustain above 1.5408 could bring in fresh offers and push the spot lower to 1.5560-1.5550.”