6 Apr 2015
GBP/USD to remain in the 1.4950-1.4880 range – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, explains that GBP/USD might remain in the 1.4950-1.4880 range for today, expecting a strong US ISM data to lead the pair to test the lower part of the range.
Key Quotes
“On the charts, we see the pair failed to sustain above 1.4935, which is the 23.6% fib retracement of 1.4633-1.5122. Despite the up move on Friday, the daily RSI stays bearish.”
“A fresh demand for Pounds could be seen once the pair rises above 1.4935. In such a case, 1.4983 (38.2% Fib retracement of 1.5550-1.4633) would act as a strong resistance.”
“Meanwhile, the immediate downside appears capped at 1.4900. However, if the pair stays below 1.4935 throughout the European session, we could see it fall to 1.4878 on a better-than-expected US ISM non-manufacturing data.”
“Overall, the pair should stay largely in the range of 1.4950-1.4880 today.”
Key Quotes
“On the charts, we see the pair failed to sustain above 1.4935, which is the 23.6% fib retracement of 1.4633-1.5122. Despite the up move on Friday, the daily RSI stays bearish.”
“A fresh demand for Pounds could be seen once the pair rises above 1.4935. In such a case, 1.4983 (38.2% Fib retracement of 1.5550-1.4633) would act as a strong resistance.”
“Meanwhile, the immediate downside appears capped at 1.4900. However, if the pair stays below 1.4935 throughout the European session, we could see it fall to 1.4878 on a better-than-expected US ISM non-manufacturing data.”
“Overall, the pair should stay largely in the range of 1.4950-1.4880 today.”