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5 Feb 2015
GBP/USD upside favoured – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, GBP/USD is now favouring the upside, having made a fresh high at 1.5313, with the immediate support now at 1.5250 levels.
Key Quotes
“The GBP/USD pair reached a fresh 4-week high at 1.5313 this Thursday..”
“Earlier on the day, the Bank of England had its monthly economic meeting, leaving its policy unchanged as expected, and triggering no actual moves in the pair.”
“The strong advance could be attributed partially to recent up beating data in the UK and the recovery in the oil prices, but part of it was due to the break of technical levels.”
“The 1 hour chart shows that indicators are getting exhausted in overbought territory, losing their early strength while the 20 SMA maintains a strong bullish slope below the current price.”
“In the 4 hours chart, technical indicators maintain a strong upward momentum, despite entering overbought territory, while the price has broken above its 200 EMA, now the immediate support at 1.5250, for the first time in 8 months.”
“The pair is now favored to the upside, although ahead of US employment figures next Friday, some consolidative range could be expected.”
Key Quotes
“The GBP/USD pair reached a fresh 4-week high at 1.5313 this Thursday..”
“Earlier on the day, the Bank of England had its monthly economic meeting, leaving its policy unchanged as expected, and triggering no actual moves in the pair.”
“The strong advance could be attributed partially to recent up beating data in the UK and the recovery in the oil prices, but part of it was due to the break of technical levels.”
“The 1 hour chart shows that indicators are getting exhausted in overbought territory, losing their early strength while the 20 SMA maintains a strong bullish slope below the current price.”
“In the 4 hours chart, technical indicators maintain a strong upward momentum, despite entering overbought territory, while the price has broken above its 200 EMA, now the immediate support at 1.5250, for the first time in 8 months.”
“The pair is now favored to the upside, although ahead of US employment figures next Friday, some consolidative range could be expected.”