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21 May 2015
GBP/USD upside favoured while above 1.5640 – FXStreet
FXStreet (Barcelona) - GBP/USD technical indicators are losing their upward strength, but whilst above 1.5640 upside remains favoured for the pair, notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
“The British Pound resume its bullish trend following the release of better-than-expected UK Retail Sales for May that send the pair sharply higher, up to 1.5699. Having advanced over 150 pips in the day, the pair is now consolidating near the high, and the 1 hour chart shows that the technical indicators are turning lower in extreme overbought territory, not yet signaling a downward correction.”
“In the 4 hours chart, the latest candle opened above the 20 SMA and the 23.6% retracement of the latest daily bullish run, whilst the technical indicators are losing their upward strength around their mid-lines.”
“Nevertheless, as long as above 1.5640 the upside is favored towards the year high set earlier this month at 1.5814.”
“Support levels: 1.5640 1.5600 1.5550”
“Resistance levels: 1.5700 1.5735 1.5780”
Key Quotes
“The British Pound resume its bullish trend following the release of better-than-expected UK Retail Sales for May that send the pair sharply higher, up to 1.5699. Having advanced over 150 pips in the day, the pair is now consolidating near the high, and the 1 hour chart shows that the technical indicators are turning lower in extreme overbought territory, not yet signaling a downward correction.”
“In the 4 hours chart, the latest candle opened above the 20 SMA and the 23.6% retracement of the latest daily bullish run, whilst the technical indicators are losing their upward strength around their mid-lines.”
“Nevertheless, as long as above 1.5640 the upside is favored towards the year high set earlier this month at 1.5814.”
“Support levels: 1.5640 1.5600 1.5550”
“Resistance levels: 1.5700 1.5735 1.5780”