Back
28 Jan 2015
GBP/USD failing at 1.52 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, observes that the GBP/USD has repeatedly failed to around 1.52 levels, and further expects the pair to re-test 1.5120 levels.
Key Quotes
“The GBP/USD pair witnessed sharp gains on Tuesday to finish higher at 1.5201, whereby it ran into a brick wall of resistance located in the range of 1.52 to 1.5201 levels.”
“Moreover, the pair has been repeatedly restricted around 1.52 levels on closing basis since Jan. 12th. The pair did finish just once at 1.5234, although the gains were quickly erased the very next day. Hence, a convincing daily close above 1.5234 is essential for a further upside move.”
“Meanwhile, on the hourly chart, the pair has managed to sustain above the 23.6% retracement level at 1.5161. The pair has also re-entered the rising channel, therefore immediate gains appear capped at 1.52; the channel resistance.”
“On the other hand, a break below 1.5161 levels shall open doors for a re-test of 1.5120; 38.2% retracement level.”
“Overall, the GBP bulls are likely to stay cautious so long as the pair trades below 1.5234 levels.”
Key Quotes
“The GBP/USD pair witnessed sharp gains on Tuesday to finish higher at 1.5201, whereby it ran into a brick wall of resistance located in the range of 1.52 to 1.5201 levels.”
“Moreover, the pair has been repeatedly restricted around 1.52 levels on closing basis since Jan. 12th. The pair did finish just once at 1.5234, although the gains were quickly erased the very next day. Hence, a convincing daily close above 1.5234 is essential for a further upside move.”
“Meanwhile, on the hourly chart, the pair has managed to sustain above the 23.6% retracement level at 1.5161. The pair has also re-entered the rising channel, therefore immediate gains appear capped at 1.52; the channel resistance.”
“On the other hand, a break below 1.5161 levels shall open doors for a re-test of 1.5120; 38.2% retracement level.”
“Overall, the GBP bulls are likely to stay cautious so long as the pair trades below 1.5234 levels.”