27 Jan 2015
GBP/USD in to overbought territory - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet, explained that the GBP/USD pair surged up to 1.5099 fresh 3-days high.
Key Quotes:
"There was no fundamental data to drive the Pound higher, although early day weakness in EUR, pushing EUR/GBP to new multi-years lows, helped to support the pair above the 1.5000 figure. Up roaring stocks alongside with comments of Bank of England Kristen Forbes saying that she is optimistic on global growth and that falling oil prices may boost consumption worldwide, leading to an early rate hike in the UK, also supported the British currency."
"Technically, the 1 hour chart shows indicators getting exhausted to the upside in overbought territory, as 20 SMA turns higher well below current price, offering intraday support in the 1.5120 price zone. In the 4 hours chart price advanced and holds above its 20 SMA, whilst momentum aims higher below 100 and RSI crosses the 50 level to the upside, all of which favors further advances if the pair manages to pick up momentum above the 1.5120 price zone."
Key Quotes:
"There was no fundamental data to drive the Pound higher, although early day weakness in EUR, pushing EUR/GBP to new multi-years lows, helped to support the pair above the 1.5000 figure. Up roaring stocks alongside with comments of Bank of England Kristen Forbes saying that she is optimistic on global growth and that falling oil prices may boost consumption worldwide, leading to an early rate hike in the UK, also supported the British currency."
"Technically, the 1 hour chart shows indicators getting exhausted to the upside in overbought territory, as 20 SMA turns higher well below current price, offering intraday support in the 1.5120 price zone. In the 4 hours chart price advanced and holds above its 20 SMA, whilst momentum aims higher below 100 and RSI crosses the 50 level to the upside, all of which favors further advances if the pair manages to pick up momentum above the 1.5120 price zone."