GBP/USD:1.4660 is key upside target - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Valeria Bednarik, chief analysts at FXStreet explained that the British Pound was unable to attract investors, despite the generalized dollar's weakness, and the pair ended the day in the red.

    Key Quotes:

    "The GBP/USD pair advanced up to 1.4563 during the Asian session, but the movement was faded early Europe, as oil prices fell down to fresh multi-year lows, while the UK bond yields plummeted to record lows. There will be no macro released in Britain this Friday, which means that the pair will continue trading on sentiment.

    Technically, the 1 hour chart shows that the 20 SMA presents a strong bearish slope above the current level, in the 1.4490 region, while the technical indicators head higher within bearish territory.

    In the 4 hours chart, the technical indicators are aiming higher from their mid-lines, although with limited upward strength, while the price is struggling around a horizontal 20 SMA. A strong resistance continues being the 1.4520/30 region, as spikes beyond the level have result in sharp retracements several times over this last few days. Anyway and to confirm further rallies, the pair needs to advance beyond 1.4660, last week highs."
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