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GBP/USD: more upside to come? - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 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 the British Pound advanced sharply during U.S. trading hours, resulting the GBP/USD pair advancing up to 1.4289, where it stands by the end of the US session.

    Key Quotes:

    "The pair started the day with a soft tone, falling down to 1.4130 as oil and stocks plummeted, but as risk sentiment improved, so did the pair. There were no macroeconomic releases in the UK, but Treasury chief George Osborne was on the wires, with the latest government assessments on how a Brexit can damage the UK economy."

    "Nevertheless, the pair got a boost from GBP/JPY demand, as the pair added over 340 pips once the JPY lost its upward strength. Still capped below 1.4300, the GBP/USD retains a short term positive tone, as in the 1 hour chart, the price accelerated strongly after crossing above its 20 SMA, although the technical indicators have turned horizontal within overbought territory."
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