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27 Nov 2014
GBP/USD bulls stalled at 1.58 so far - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that GBP/USD pressures its daily highs right above the 1.5800 figure, helped not only by dollar weakness, but by a pretty fair UK GDP revision to 3.0% as expected.
Key Quotes:
“Unchanged from last month’s preliminary estimated, business investment fell however in the 3rd quarter, suggesting confidence in the economic recovery of the kingdom has not picked up after latest months’ disappointments”.
“The GPB/USD pair however managed to break above its recent range triggering short term stops and reaching a daily high of 1.5805”.
“The 1 hour chart shows price extended above a bullish 20 SMA while indicators aim higher despite in overbought territory, supporting further advances”.
“In the 4 hours chart indicators are losing recent strength also in overbought levels, while 200 EMA heads lower well above current price at 1.5890: that’s the line in the sand for the bearish tone seen over the last months, as price would need to extend above it to see a firmer midterm bullish potential”.
Key Quotes:
“Unchanged from last month’s preliminary estimated, business investment fell however in the 3rd quarter, suggesting confidence in the economic recovery of the kingdom has not picked up after latest months’ disappointments”.
“The GPB/USD pair however managed to break above its recent range triggering short term stops and reaching a daily high of 1.5805”.
“The 1 hour chart shows price extended above a bullish 20 SMA while indicators aim higher despite in overbought territory, supporting further advances”.
“In the 4 hours chart indicators are losing recent strength also in overbought levels, while 200 EMA heads lower well above current price at 1.5890: that’s the line in the sand for the bearish tone seen over the last months, as price would need to extend above it to see a firmer midterm bullish potential”.