27 Jan 2015
GBP/USD bullish above 1.5120 – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, the GBP/USD pair might head towards 1.5160 levels on a break above 1.5120, but a move below 1.5050 might see the pair slide towards the 1.5000 levels.
Key Quotes
“The GBP/USD pair retreats from a daily high of 1.5116 reached before the announcement of UK GDP readings. The data missed expectations as during the last quarter of 2014, the economy grew just 0.5%, leaving the annual rate at 2.7%.”
“Nevertheless, the pair found buyers around former highs in the 1.5050 price zone, and holds around its daily opening. The 4 hours chart shows indicators maintain a strong upward momentum in positive territory, while 20 SMA presents a bearish slope below current price.”
“To continue advancing, the pair needs to extend above 1.5120 static resistance level, eyeing then an approach to 1.5160 price zone in the short term.”
“A break below 1.5050 on the other hand should favor the downside towards the key 1.5000 figure.”
Key Quotes
“The GBP/USD pair retreats from a daily high of 1.5116 reached before the announcement of UK GDP readings. The data missed expectations as during the last quarter of 2014, the economy grew just 0.5%, leaving the annual rate at 2.7%.”
“Nevertheless, the pair found buyers around former highs in the 1.5050 price zone, and holds around its daily opening. The 4 hours chart shows indicators maintain a strong upward momentum in positive territory, while 20 SMA presents a bearish slope below current price.”
“To continue advancing, the pair needs to extend above 1.5120 static resistance level, eyeing then an approach to 1.5160 price zone in the short term.”
“A break below 1.5050 on the other hand should favor the downside towards the key 1.5000 figure.”