20 Aug 2015
GBP/USD: 1.5735 key resistance - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair was unable to regain the 1.5700 level this Wednesday, having spent most of the first half of the day consolidating below it.
Key Quotes:
"With no fundamental releases in the UK, the pair fell down to 1.5634 early in the US session, from where it jumped up to the 1.5700 figure following FOMC's Minutes."
"The pair trades a few pips below it after the dust settled, but maintains a generally positive technical tone, as the 1 hour chart shows that the retracement held above a mild bullish 20 SMA, whilst the technical indicators remain above their mid-lines, albeit lacking directional strength."
"In the 4 hours chart, the price also recovered from its 20 SMA that presents a firmer bullish tone, whilst the technical indicators have bounced from their mid-lines and head north, supporting the bullish tone and in line with markets' sentiment. Above 1.5700, the pair will meet some intraday resistance at 1.5735, July high, but a break above it should confirm the upward continuation in the midterm."
Key Quotes:
"With no fundamental releases in the UK, the pair fell down to 1.5634 early in the US session, from where it jumped up to the 1.5700 figure following FOMC's Minutes."
"The pair trades a few pips below it after the dust settled, but maintains a generally positive technical tone, as the 1 hour chart shows that the retracement held above a mild bullish 20 SMA, whilst the technical indicators remain above their mid-lines, albeit lacking directional strength."
"In the 4 hours chart, the price also recovered from its 20 SMA that presents a firmer bullish tone, whilst the technical indicators have bounced from their mid-lines and head north, supporting the bullish tone and in line with markets' sentiment. Above 1.5700, the pair will meet some intraday resistance at 1.5735, July high, but a break above it should confirm the upward continuation in the midterm."