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20 May 2015
GBP/USD bullish above 1.5540 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, sees intraday bullish potential for GBP/USD above 1.5540 towards 1.5650.
Key Quotes
“Technically, the 4 hours chart shows that the price stands a few pips below the 38.2% retracement of the latest bullish run at 1.5540, whilst the technical indicators are heading higher, bouncing from oversold levels and supporting an upward continuation, particularly if the price manages to break above the mentioned Fibonacci resistance, towards the 1.5590 level. Above this last, the rally can extend up to 1.5650, 23.6% retracement of the same rally.”
“Only a break below Tuesday's low of 1.5445 the pair can resume its decline towards the 1.5360/70 price zone, the next Fibonacci support.”
Key Quotes
“Technically, the 4 hours chart shows that the price stands a few pips below the 38.2% retracement of the latest bullish run at 1.5540, whilst the technical indicators are heading higher, bouncing from oversold levels and supporting an upward continuation, particularly if the price manages to break above the mentioned Fibonacci resistance, towards the 1.5590 level. Above this last, the rally can extend up to 1.5650, 23.6% retracement of the same rally.”
“Only a break below Tuesday's low of 1.5445 the pair can resume its decline towards the 1.5360/70 price zone, the next Fibonacci support.”