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4 Feb 2015
GBP/USD likely to break above 1.5220 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, the GBP/USD pair is likely to break above 1.5220, with the pair currently trading near the critical resistance zone.
Key Quotes
“The GBP/USD pair saw sharp gains in the previous session as it finished higher at 1.568, with gains capped at channel resistance located at 1.52 on the daily chart.”
“The pair dipped in the early Asian trade to 1.5140 before recovering to trade higher at 1.5173 levels.”
“With the hourly RSI in the overbought zone, the immediate gains in the pair are likely to be capped around 1.52 levels. Moreover, the 1.52-1.5220 area has acted as a strong resistance since mid January. Hence, a fresh demand for Pounds can be anticipated once the pair rises above 1.5220 levels.”
“In such a case the immediate gains are likely to be capped around 1.5265 levels.”
“On the other hand, a break below 1.5140 shall push the pair down to 1.51 levels.”
“However, the pair is more likely to break above 1.5220 levels after confirming an inverted hammer candle for the previous week.”
Key Quotes
“The GBP/USD pair saw sharp gains in the previous session as it finished higher at 1.568, with gains capped at channel resistance located at 1.52 on the daily chart.”
“The pair dipped in the early Asian trade to 1.5140 before recovering to trade higher at 1.5173 levels.”
“With the hourly RSI in the overbought zone, the immediate gains in the pair are likely to be capped around 1.52 levels. Moreover, the 1.52-1.5220 area has acted as a strong resistance since mid January. Hence, a fresh demand for Pounds can be anticipated once the pair rises above 1.5220 levels.”
“In such a case the immediate gains are likely to be capped around 1.5265 levels.”
“On the other hand, a break below 1.5140 shall push the pair down to 1.51 levels.”
“However, the pair is more likely to break above 1.5220 levels after confirming an inverted hammer candle for the previous week.”