1 Dec 2014
GBP/USD finds support at 1.5710, back to 1.5740
FXStreet (San Francisco) - The GBP/USD's rejection of the 1.5760 level finally tested supports at 1.5710 where the pair found renewed buying interest that fueled the pair to make another movement to 1.5740.
Currently, GBP/USD is trading at 1.5746, up 0.70% on the day, having posted a daily high at 1.5766 and low at 1.5585. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
GBP/USD Sentiment
As previously highlighted, GBP/USD is moving in positive territory for the day after the recovery of all Friday's losses. The pair is developing a bullish engulfing pattern on the daily candle since the cable rallied nearly 150 pips after hitting a fresh 1-year low at 1.5585 during the Asian session.
If the pair extends gains above 1.5760, it will find resistances at 1.5800 and 1.5825. To the downside, supports re at 1.5730, 1.5700 and 1.5680.
Currently, GBP/USD is trading at 1.5746, up 0.70% on the day, having posted a daily high at 1.5766 and low at 1.5585. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
GBP/USD Sentiment
As previously highlighted, GBP/USD is moving in positive territory for the day after the recovery of all Friday's losses. The pair is developing a bullish engulfing pattern on the daily candle since the cable rallied nearly 150 pips after hitting a fresh 1-year low at 1.5585 during the Asian session.
If the pair extends gains above 1.5760, it will find resistances at 1.5800 and 1.5825. To the downside, supports re at 1.5730, 1.5700 and 1.5680.