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24 Feb 2015
GBP/USD: Potential to target 1.5570 - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, there is increasing technical evidence that GBP/USD could see further upward acceleration towards the 1.5570 price zone.
Key Quotes
"The British Pound outperformed all of the major currencies, soaring to 1.5474 after falling to a daily low of 1.5331. There was no particular catalyst for the rally, and in fact, news from the UK have been negative, as the Confederation of British Industry reported that retail sales plummeted in February, posting the weakest reading in over a year. Nevertheless, the pair soared above 1.5400, later on boosted by weak US housing readings."
"From a technical perspective, the 1 hour chart shows that the price has spent most of the American afternoon consolidating near the highs, well above a bullish 20 SMA and with the technical indicators turning flat near overbought territory. In the 4 hours chart the price stands above a mild bullish 20 SMA while indicators advanced above their mid-lines, and maintain a bullish slope."
"The pair has set a 7-week high last week at 1.5479, so stops above the level should be large, and if triggered, favor an upward acceleration towards the 1.5570 price zone, next strong mid-term resistance."
Key Quotes
"The British Pound outperformed all of the major currencies, soaring to 1.5474 after falling to a daily low of 1.5331. There was no particular catalyst for the rally, and in fact, news from the UK have been negative, as the Confederation of British Industry reported that retail sales plummeted in February, posting the weakest reading in over a year. Nevertheless, the pair soared above 1.5400, later on boosted by weak US housing readings."
"From a technical perspective, the 1 hour chart shows that the price has spent most of the American afternoon consolidating near the highs, well above a bullish 20 SMA and with the technical indicators turning flat near overbought territory. In the 4 hours chart the price stands above a mild bullish 20 SMA while indicators advanced above their mid-lines, and maintain a bullish slope."
"The pair has set a 7-week high last week at 1.5479, so stops above the level should be large, and if triggered, favor an upward acceleration towards the 1.5570 price zone, next strong mid-term resistance."