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Is Sterling making a come back? - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that GBP/USD surged against the greenback up to 1.5735, stalling at the top of its recent range.

“Cable has been consolidating between its year low in the 1.5580/90 region and 1.5740 for eight days in a row, meaning some follow through above the top of the range should signal an interim bottom in place and favor some stronger recoveries”.

“Technically speaking, the 1 hour chart shows a mild positive tone, with price developing above a flat 20 SMA and momentum also horizontal above 100, while RSI advances around 60”.

“In the 4 hours chart the technical picture is also neutral to bullish as indicators stand in positive territory yet lacking strength at the time being”.

“Bigger stops are likely lying above the 1.5770 level, which means an advance above will likely trigger a stronger upward momentum in the pair; buyers in case of retracements, should defend the 1.5660 area to keep hopes of a recovery alive, while below 1.5620 risk will turn south towards fresh year lows”.

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