OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD capped below 1.5220

FXstreet.com (Barcelona) - The GBP/USD is last at 1.5216, off session highs at 1.5224, moving higher from the very beginning of the week, amid a very slow Asia-Pacific trade, making lows at 1.5187. “Cable has formed a double-bottom with a neckline at 1.5150,”noted FXWW founder Sean Lee, who thinks is “reasonably good risk-reward in being long with stop-loss below 1.5130,” the analyst said.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com, GBP/USD hourly chart shows the “price stuck around a slightly bearish 20 SMA, and indicators heading higher still in negative territory,” the analyst says, adding: “The 1.5220 area, 50% retracement of its latest bullish run has held the upside, and unless price manages to accelerate strongly above it, there’s little room for more gains, as 4 hours chart shows 200 EMA offering resistance around 1.5260, and indicators also losing the upside potential.”

“Immediate support comes at 1.5165, where the 4 hours chart shows several intraday highs and lows for the past couple of weeks: once below, the pair may quickly fall towards 1.5130, next Fibonacci level,” Valeria expands. She finds support levels at: 1.5165, 1.5130 and 1.5090, while resistance levels at: 1.5220, 1.5260 and 1.5305.

USD index (DXY) inside a thin range with small downwards slope

The USD index spot (DXY) has been steadily trading in a thin range since the start of the week in Asia-Pacific, with a slightly downside slope, making consecutive lower lows, and lower highs, every time of 1 cent out a time.
Read more Previous

Japan Vehicle Sales (YoY) falls to -7.3% in May from 2%

Read more Next
Start livechat