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2 Dec 2014
GBP/USD may rally again - FXStreet
FXStreet (Barcelona) - According to Omkar Godbole, FXStreet Analyst and Editor, the GBP/USD pair may rally again towards 1.58 levels if the pair trades between 1.5690-1.5710 level today.
Key Quotes
“The GBP/USD pair finished higher on Tuesday at 1.5739, after having bounced-off from the support at 1.56 levels. Moreover, the pair managed to close above the 5-DMA and the 10-DMA levels yesterday.”
“Meanwhile, a fresh selling pressure is seen today as the pair is falling fast towards 1.57 levels, with the daily RSI bearish at 42.00 levels.”
“On the hourly chart, the RSI has turned bearish, although the fall in the pair is likely to be restricted around the hourly 200-SMA and 50-SMA located at 1.5701 and 1.5687 levels respectively. The pair also has a support of the 1+-DMA at 1.5707.”
“Thus, a fresh demand for Pounds can be anticipated in the range of 1.5690-1.5710. In such a case, the pair could rally against towards 1.58 levels. On the other hand, bears may regain control if the pair dips below 1.5690 levels.”
Key Quotes
“The GBP/USD pair finished higher on Tuesday at 1.5739, after having bounced-off from the support at 1.56 levels. Moreover, the pair managed to close above the 5-DMA and the 10-DMA levels yesterday.”
“Meanwhile, a fresh selling pressure is seen today as the pair is falling fast towards 1.57 levels, with the daily RSI bearish at 42.00 levels.”
“On the hourly chart, the RSI has turned bearish, although the fall in the pair is likely to be restricted around the hourly 200-SMA and 50-SMA located at 1.5701 and 1.5687 levels respectively. The pair also has a support of the 1+-DMA at 1.5707.”
“Thus, a fresh demand for Pounds can be anticipated in the range of 1.5690-1.5710. In such a case, the pair could rally against towards 1.58 levels. On the other hand, bears may regain control if the pair dips below 1.5690 levels.”