11 Jun 2013
GBP/USD possibly gunning for 1.5800 - 2ndSkies
FXstreet.com (Barcelona) - After breaking through May highs at 1.56 last week, the GBP/USD has been well supported on dips, with the latest attempt to drive the price lower finding firm bids around 1.55 round number.
As Chris Capre, founder at 2ndSkies, notes: "GBP was holding its own vs. the USD, and I noted it should find support intraday. The pair did exactly this, forming a pin bar off the big figure in 1.5500 and dynamic 20ema support on the 4hr chart."
In view of Capre, "this shows continual short term interest in buying on dips, so the pair should attempt to break last weeks highs and clear the air above 1.5612." The educator and trader suggest to watch "intraday price action signals holding around 1.5500 targeting 1.5612, and possibly gunning for 1.5800." On the contrary, a 4hr close below 1.55 hints at 1.5375, Capre says.
As Chris Capre, founder at 2ndSkies, notes: "GBP was holding its own vs. the USD, and I noted it should find support intraday. The pair did exactly this, forming a pin bar off the big figure in 1.5500 and dynamic 20ema support on the 4hr chart."
In view of Capre, "this shows continual short term interest in buying on dips, so the pair should attempt to break last weeks highs and clear the air above 1.5612." The educator and trader suggest to watch "intraday price action signals holding around 1.5500 targeting 1.5612, and possibly gunning for 1.5800." On the contrary, a 4hr close below 1.55 hints at 1.5375, Capre says.