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17 Apr 2015
GBP/USD might consolidate – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes technicals suggest that GBP/USD might see some consolidate above 1.4950 levels.
Key Quotes
“The British Pound surged above the 1.5000 figure for the first time in a month, as UK's employment data showed that the unemployment rate fell to its lowest in almost seven years, while wages ticked higher, and the number of people in employment rose by 248K in the 3 months ending February.”
“Having set a daily high at 1.5053, the pair is now hovering around the 1.5000 figure on the back of US's inflation readings, and with the 1 hour chart showing that the technical indicators are correcting lower from overbought levels, albeit the price remains well above a bullish 20 SMA, limiting chances of a strong decline.”
“In the 4 hours chart the price stands well above its 200 EMA, currently at 1.4910, while the technical indicators are beginning to look exhausted near overbought levels, all of which supports a limited at least some consolidation above 1.4950, ahead of a new leg up.”
“Support levels: 1.4950 1.4910 1.4880"
“Resistance levels: 1.5000 1.5040 1.5085”
Key Quotes
“The British Pound surged above the 1.5000 figure for the first time in a month, as UK's employment data showed that the unemployment rate fell to its lowest in almost seven years, while wages ticked higher, and the number of people in employment rose by 248K in the 3 months ending February.”
“Having set a daily high at 1.5053, the pair is now hovering around the 1.5000 figure on the back of US's inflation readings, and with the 1 hour chart showing that the technical indicators are correcting lower from overbought levels, albeit the price remains well above a bullish 20 SMA, limiting chances of a strong decline.”
“In the 4 hours chart the price stands well above its 200 EMA, currently at 1.4910, while the technical indicators are beginning to look exhausted near overbought levels, all of which supports a limited at least some consolidation above 1.4950, ahead of a new leg up.”
“Support levels: 1.4950 1.4910 1.4880"
“Resistance levels: 1.5000 1.5040 1.5085”