GBP/USD: a bullish tone presenting on 4hr sticks – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that the British Pound soared against most of its major rivals, with the GBP/USD pair reaching a daily high of 1.4638, having spent most of the last two sessions above the 1.4600 level.

Key Quotes:

“The UK currency benefited from BOE’s Governor, Mark Carney comments, who said that the Central Bank will not fight post-Brexit moves in GPB no matter the outcome of the referendum, adding that they will take all necessary steps to ensure markets function in an orderly way in the case the “leave” side wins.

The Sterling will probably keep trading on Brexit woes, with volatility probably increasing as the date of the referendum looms. In the meantime, the pair has reached a major resistance level, a daily descendant trend line coming from May high of 1.4769, and consolidates a few pips below it, today around 1.4635.

The 4 hours chart presents a bullish tone, and supports a break through the trend line, as the Momentum indicator heads sharply higher well above its 100 level, whilst the RSI has lost upward strength, but keeps heading higher around 64. Further gains beyond 1.4663, last week high, should see the pair …read more

Source:: FX Street