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GBP/USD: first stop, 1.4458 before 1.4510 target - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Valeria Bednarik, chief analyst at FXStreet explained that GBP/USD advanced to a fresh April high of 1.4418, with the Pound buoyed ever since the day started as high yielders were back in vogue.

    Key Quotes:

    "The pair picked up pace early Europe, following the latest Brexit polls showing that those voting to remain within the EU are taking the lead, and accelerated further higher after US poor macroeconomic figures."

    "The rally stalled at a major static resistance, a daily descendant trend line coming from February's high which stands around 1.4410, but so far, the pullback has been quite shallow, suggesting bulls are willing to break it towards the upside."

    "Intraday technical readings are losing upward strength near overbought levels, rather reflecting the latest short term consolidative stage than suggesting that the upside is exhausted, but particularly referring to the 4 hours chart, the 20 SMA has rallied below the current level, surpassing its previous highs, and is currently aiming to cross above the 200 EMA, also anticipating the pair may rally further."

    "If the market is able to push the pair through the trend line, the immediate target comes at 1.4458, March 30th high, whist additional gains beyond this last can take the pair up to the 1.4510 region."
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