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Fresh GBP demand to be seen on dips – FXStreet

FXStreet (Barcelona) - According to FXStreet Analyst and Editor, Omkar Godbole, a fresh deman can be seen for GBP on dips till the 1.5738 level is not breached.

Key Quotes

“The GBP/USD pair finished higher on Wednesday at 1.5796, after breaching the resistance located at 1.5738. The strong finish on Wednesday led to a bullish crossover between the 5-DMA and the 10-DMA.”

“The pair extended gains today to trade at 1.5814, with the daily RSI still bearish at 47.22 levels. Meanwhile, the hourly chart shows, the pair is struggling near the 1.5810-1.5815 resistance zone. However, given the bullish hourly RSI at 60.68, the pair is more likely to rise above 1.5815 levels.”

“Moreover, the breach of 1.5738 levels yesterday has opened doors for 1.5880 on the upside. Thus, the pair is more likely to test 1.5880 levels today if it manages to sustain gains above 1.58 levels.”

“On the other hand, a minor correction to 1.5780-1.5760 levels cannot be ruled out, although bears are unlikely to have a say so long as the pair trades above 1.5738 levels. Hence, a fresh demand for Pounds can be anticipated on the dips till 1.5738 level is not breached.”

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