6 May 2014
GBP/USD post highest close since August 2009
FXStreet (Córdoba) - A weak US dollar and better-than-expected data from the UK pushed the GBP/USD to close at the highest level since August 2009, near 1.7000 and with a gain of more than a hundred pips. The pair finished hovering around 1.6975 after peaking at 1.6996.
GBP/USD technical outlook
“The hourly chart shows some divergence between indicators aiming lower in extreme overbought levels and price holding above 1.6960 and aiming higher, although the upside remains favored and dips will likely be seen as buying opportunities in the short term”, says Valeria Bednarik, Chief Analyst at FXStreet.
In the 4 hours chart the technical picture is still bullish according to Bednarik, “with indicators losing upward strength in overbought territory; a break above key 1.7000 figure should trigger a quick spike up to 1.7040”.
GBP/USD technical outlook
“The hourly chart shows some divergence between indicators aiming lower in extreme overbought levels and price holding above 1.6960 and aiming higher, although the upside remains favored and dips will likely be seen as buying opportunities in the short term”, says Valeria Bednarik, Chief Analyst at FXStreet.
In the 4 hours chart the technical picture is still bullish according to Bednarik, “with indicators losing upward strength in overbought territory; a break above key 1.7000 figure should trigger a quick spike up to 1.7040”.