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15 Apr 2015
GBP/USD: 1.46 might see a base – RBS
FXStreet (Barcelona) - Dmytro Bondar, Technical Analyst at RBS, views that 1.46 may see a base with further recovery looming or GBP/USD.
Key Quotes
“The market has broken through an important support level of 1.49, but at the same time the weekly MACD displayed a positive divergence and price found support at the 1.46 retracement. This is a key level, as it coincides with the 61.8% swing extension from the Feb-Mar impulse wave.”
“Given the daily Hammer pattern formed yesterday after the market rejected the levels below 1.46 and the abovementioned signals from the weekly chart, I believe there is a good chance of the 1.46 support level seeing a base in Cable with further recovery on the table.”
Key Quotes
“The market has broken through an important support level of 1.49, but at the same time the weekly MACD displayed a positive divergence and price found support at the 1.46 retracement. This is a key level, as it coincides with the 61.8% swing extension from the Feb-Mar impulse wave.”
“Given the daily Hammer pattern formed yesterday after the market rejected the levels below 1.46 and the abovementioned signals from the weekly chart, I believe there is a good chance of the 1.46 support level seeing a base in Cable with further recovery on the table.”