7 May 2015
GBP/USD choppy consolidation ahead of the inevitable ‘hung parliament’ – AceTrader
FXStreet (Barcelona) - The AceTrader Team, predicts GBP/USD to see consolidation with an upside bias ahead of the inevitable ‘hung parliament’ following UK election and the US nonfarm payrolls release.
Key Quotes
“On the daily picture, despite cable's strg rally fm Apr's near 5-year trough of 1.4566 to as high as 1.5498 last week, subsequent sell off to 1.5088 on Tue signals aforesaid rise has formed a top there n choppy consolidation wud be seen as market nervously awaits the inevitable outcome of a 'hung Parliament' following today's U.K. general election n the key U.S. payrolls report tom.”
“Looking ahead, a daily close abv 1.5397 wud be the 1st signal said correction fm 1.5498 has ended n outlook wud improve for a re-test of this Apr's peak.”
“On the downside, a firm breach of y'day's 1.5150 low wud suggest recovery fm 1.5088 has ended, then risk wud shift to the downside for weakness to 1.5032 n possibly twd 1.4922 next week, being 50% r & 61.8% r respectively of 1.4566-1.5498.”
“Today, dlr's broad-based weakness suggests consolidation with upside bias remains, however, reckon 1.5341 (61.8% r of 1.5498-1.5088) shud hold.“
Key Quotes
“On the daily picture, despite cable's strg rally fm Apr's near 5-year trough of 1.4566 to as high as 1.5498 last week, subsequent sell off to 1.5088 on Tue signals aforesaid rise has formed a top there n choppy consolidation wud be seen as market nervously awaits the inevitable outcome of a 'hung Parliament' following today's U.K. general election n the key U.S. payrolls report tom.”
“Looking ahead, a daily close abv 1.5397 wud be the 1st signal said correction fm 1.5498 has ended n outlook wud improve for a re-test of this Apr's peak.”
“On the downside, a firm breach of y'day's 1.5150 low wud suggest recovery fm 1.5088 has ended, then risk wud shift to the downside for weakness to 1.5032 n possibly twd 1.4922 next week, being 50% r & 61.8% r respectively of 1.4566-1.5498.”
“Today, dlr's broad-based weakness suggests consolidation with upside bias remains, however, reckon 1.5341 (61.8% r of 1.5498-1.5088) shud hold.“