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19 May 2015
GBP/USD might rise to 1.5710 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, sees upside potential for GBP/USD towards 1.5710 and 1.5739 if the pair breaks above 1.5660 levels.
Key Quotes
“The pair currently trades at 1.5650, after having bounced back from the support of the 10-DMA located at 1.5630. Despite the sharp fall, the Monday’s closing was just above 1.5660 (61.8% Fib expansion of 1.4564-1.5490-1.5088). A recovery above the same today may see the pair rise to 1.5710 (5-DMA) and 1.5739 (61.8% Fib retracement of 1.5806-1.5630)”
“On the downside, only a failure to sustain above 1.5660 and the subsequent dip below 1.5630 could open doors for a re-test of 1.5550 levels. The pair is likely to find fresh bids so long as it trades above 1.5630 levels.”
Key Quotes
“The pair currently trades at 1.5650, after having bounced back from the support of the 10-DMA located at 1.5630. Despite the sharp fall, the Monday’s closing was just above 1.5660 (61.8% Fib expansion of 1.4564-1.5490-1.5088). A recovery above the same today may see the pair rise to 1.5710 (5-DMA) and 1.5739 (61.8% Fib retracement of 1.5806-1.5630)”
“On the downside, only a failure to sustain above 1.5660 and the subsequent dip below 1.5630 could open doors for a re-test of 1.5550 levels. The pair is likely to find fresh bids so long as it trades above 1.5630 levels.”