10 Aug 2015
GBP/USD: heading for another leg higher, eyes 1.5620 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that there were no fundamental releases in the UK this Monday, and the British Pound fell down to 1.5457 against the dollar at the beginning of the day, with the pair capped by the 1.5500 level for most of the European session.
Key Quotes:
"Nevertheless, less hawkish than-expected words coming from FED's members triggered a strong recovery in the GBP/USD pair that reached 1.5605 before stalling."
"The short term picture has changed over the course of this Monday, as in the 1 hour chart, the price has accelerated well above its 20 SMA, now around 1.5500, whilst the technical indicators are turning flat in extreme overbought levels, not yet signaling a downward corrective move."
"In the 4 hours chart, however, the technical indicators maintain their strong upward slope after crossing their mid-lines, whilst the price recovered above its 200 EMA, currently at 1.5560, all of which supports another leg higher, particularly if the pair manages to advance beyond 1.5620, the immediate resistance."
Key Quotes:
"Nevertheless, less hawkish than-expected words coming from FED's members triggered a strong recovery in the GBP/USD pair that reached 1.5605 before stalling."
"The short term picture has changed over the course of this Monday, as in the 1 hour chart, the price has accelerated well above its 20 SMA, now around 1.5500, whilst the technical indicators are turning flat in extreme overbought levels, not yet signaling a downward corrective move."
"In the 4 hours chart, however, the technical indicators maintain their strong upward slope after crossing their mid-lines, whilst the price recovered above its 200 EMA, currently at 1.5560, all of which supports another leg higher, particularly if the pair manages to advance beyond 1.5620, the immediate resistance."