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24 Feb 2015
GBP/USD a buy on dips for 1.5500 – AceTrader
FXStreet (Barcelona) - The AceTrader Team gives the technical outlook for GBP/USD, suggesting that the pair remains a buy on dips in the near-term for the bullish target at 1.5500.
Key Quotes
“Looking at the hourly n daily charts, cable's firmness after y'day's rally fm 1.5333 to 1.5475 suggests the pullback fm last Wed's high at 1.5480 has ended at 1.5333 n recent erratic upmove fm Jan's fresh 17-month trough at 1.4952 shud resume after minor consolidation n abv said res wud confirm aforesaid upmove fm 1.4952 to retrace MT fall fm 1.7192 (2014 peak) has once again resumed n yield further gain to 1.5569 (50% r of 1.6186-1.4952) later.”
“On the downside, only a breach of 1.5333 wud bring a stronger retracement to 1.5278 (38.2% r of 1.4952-1.5480), however, reckon 1.5216 (50% r) shud contain downside n yield a much-needed rebound later.”
“In view of near term bullish scenario, buying cable on dips in anticipation of further gain to 1.5500 1st, however, high readings on hourly oscillators shud cap price at 1.5569 today."
“Below 1.5333 risks 1.5278.”
Key Quotes
“Looking at the hourly n daily charts, cable's firmness after y'day's rally fm 1.5333 to 1.5475 suggests the pullback fm last Wed's high at 1.5480 has ended at 1.5333 n recent erratic upmove fm Jan's fresh 17-month trough at 1.4952 shud resume after minor consolidation n abv said res wud confirm aforesaid upmove fm 1.4952 to retrace MT fall fm 1.7192 (2014 peak) has once again resumed n yield further gain to 1.5569 (50% r of 1.6186-1.4952) later.”
“On the downside, only a breach of 1.5333 wud bring a stronger retracement to 1.5278 (38.2% r of 1.4952-1.5480), however, reckon 1.5216 (50% r) shud contain downside n yield a much-needed rebound later.”
“In view of near term bullish scenario, buying cable on dips in anticipation of further gain to 1.5500 1st, however, high readings on hourly oscillators shud cap price at 1.5569 today."
“Below 1.5333 risks 1.5278.”