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22 Apr 2015
GBP/USD: upside favoured – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes GBP/USD technicals favour the upside, and the short-term resistance being at 1.5100, with the pair having boosted to the topside post BoE Minutes.
Key Quotes
“Bank of England Minutes, showing that all MPC members voted to keep interest rates and the APP unchanged, but also agreed that the next rate move will likely be an increase. The Central Bank also warned that inflation may fall into negative territory during the upcoming months, but is also confident it will pick up during 2016. Despite the Bank did not clarify when the so long awaited rate hike may take place, the market decided anyway to buy the GBP.”
“Trading near its daily highs, the risk of a hung Parliament in upcoming May elections should see limited Pound gains over the upcoming days.”
“However, the short term picture maintains a strong bullish tone, with the 1 hour chart showing that the technical indicators continue to head higher despite in extreme overbought levels, whilst the price advanced above its 20 SMA.”
“In the 4 hours chart, the Momentum indicator heads strongly higher above its mid-line, supporting the shorter term view, with the next short term resistance at the 1.5100 level.”
“Support levels: 1.5040 1.5000 1.4970”
“Resistance levels: 1.5100 1.5130 1.5165”
Key Quotes
“Bank of England Minutes, showing that all MPC members voted to keep interest rates and the APP unchanged, but also agreed that the next rate move will likely be an increase. The Central Bank also warned that inflation may fall into negative territory during the upcoming months, but is also confident it will pick up during 2016. Despite the Bank did not clarify when the so long awaited rate hike may take place, the market decided anyway to buy the GBP.”
“Trading near its daily highs, the risk of a hung Parliament in upcoming May elections should see limited Pound gains over the upcoming days.”
“However, the short term picture maintains a strong bullish tone, with the 1 hour chart showing that the technical indicators continue to head higher despite in extreme overbought levels, whilst the price advanced above its 20 SMA.”
“In the 4 hours chart, the Momentum indicator heads strongly higher above its mid-line, supporting the shorter term view, with the next short term resistance at the 1.5100 level.”
“Support levels: 1.5040 1.5000 1.4970”
“Resistance levels: 1.5100 1.5130 1.5165”