12 May 2015
GBP/USD dips remain a buy – FXStreet
FXStreet (Barcelona) - The wide intraday boost after the upbeat UK manufacturing and industrial data might keep further advances limited for GBP/USD, but any dips remain a buy for potential upside moves in the coming sessions, as noted by Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
“The British Pound got a nice boost from the UK manufacturing and industrial output figures for March, as they rose for the most in six months, driving the GBP/USD pair to a fresh year high of 1.5709.”
“Consolidating near the mentioned high, the pair maintains its positive tone, and the 1 hour chart shows that the price stands firm above a bullish 20 SMA, whilst the Momentum indicator aims higher above 100 and the RSI attempts to advance again, despite being around 75.”
“In the 4 hours chart, the 20 SMA heads higher around the 1.5440 level whilst the Momentum indicator maintains its strong upward strength well above 100 and the RSI indicator consolidates around 80.”
“The pair may see limited advances due to the wide intraday advance, but the upside remains favored, with retracements seen as buying opportunities during the upcoming sessions.”
“Support levels: 1.5660 1.5615 1.5575”
“Resistance levels: 1.5710 1.5745 1.5780”
Key Quotes
“The British Pound got a nice boost from the UK manufacturing and industrial output figures for March, as they rose for the most in six months, driving the GBP/USD pair to a fresh year high of 1.5709.”
“Consolidating near the mentioned high, the pair maintains its positive tone, and the 1 hour chart shows that the price stands firm above a bullish 20 SMA, whilst the Momentum indicator aims higher above 100 and the RSI attempts to advance again, despite being around 75.”
“In the 4 hours chart, the 20 SMA heads higher around the 1.5440 level whilst the Momentum indicator maintains its strong upward strength well above 100 and the RSI indicator consolidates around 80.”
“The pair may see limited advances due to the wide intraday advance, but the upside remains favored, with retracements seen as buying opportunities during the upcoming sessions.”
“Support levels: 1.5660 1.5615 1.5575”
“Resistance levels: 1.5710 1.5745 1.5780”