GBP/USD: where is next? – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that the British Pound flirted once again with the 1.5500 level against the greenback, helped by a bout of EUR selling which sent the EUR/GBP sharply lower.

Key Quotes:

“The UK macroeconomic calendar has been empty and will remain so for the upcoming days, which means that the pair will likely maintain its bullish tone, as the greenback has little chances of advancing steadily in the light of the latest weak data which continues to signal a delay in the US rate hike.”

“The 1 hour chart shows that the pair has held for most of the day above the 61.8% retracement of its latest decline, at 1.5445 with intraday deeps below it quickly meeting buying interest.”

“Technically, the 1 hour chart shows that the price is a few pips above its 20 SMA, but that the technical indicators head nowhere, right above their mid-lines, rather reflecting the absence of volume than a probable decline. In the 4 hours chart, the price is hovering around a strongly bullish 20 SMA, whilst the Momentum indicator is flat around its 100 level and the RSI indicator heads slightly lower around 57, also giving no …read more

Source:: FX Street