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GBP/USD: watch 1.5130 upside key resistance - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the GBP/USD pair has managed to recover the 1.5100 level, having advanced up to 1.5127 intraday, in a slow, but steady advance.

    Key Quotes:

    "There were no relevant fundamental news in the UK to drive the Pound, and it won't be until Wednesday, with the release of the latest employment figures that the kingdom will offer a big market mover. In the meantime, the 1 short term picture shows that the price is above its 20 SMA, whilst the technical indicators have recovered above their mid-lines, but none present a clear upward momentum at the time being."

    "In the 4 hours chart, however, the latest recovery seems barely corrective, given that the 20 SMA maintains a sharp bearish slope far above the current level, whilst the RSI indicator aims higher around 33, and the Momentum indicator also advances, but remains below the 100 level. The pair needs to extend its advance beyond 1.5130 to confirm additional gains to the 1.5200 region where selling interest is expected to resume."
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