22 Jan 2015
GBP/USD likely to break above 1.52 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, views that the probability of GBP/USD breaking above 1.52 levels is high given that the pair has withstand sell-off to finish above 1.51 levels.
Key Quotes
“The GBP/USD pair ended lower at 1.5132 levels, after having managed to recover from the low of 1.5076 levels. The daily chart shows the pair is once again stuck largely in a range of 1.51 to 1.52. Though it dipped below 1.51 levels on quite a few occasions, the pair still managed to end the day above 1.51.”
“The range bound activity is also evident from the daily RSI which has flattened around 34-35 levels. Thus, a fresh demand for Pounds can be anticipated above 1.52 levels, which could take the pair to 1.5260 levels.”
“Meanwhile, an hourly chart closing below 1.51 levels shall open doors for a further sell-off towards 1.5042 levels.”
“However, the probability of an upside breakout is increasing each day since the pair repeatedly withstands sell-off to finish above 1.51 levels. Thus, the pair is more likely to break above 1.52 levels.”
“On the other hand, a daily close below 1.51 shall be bearish for the pair.”
Key Quotes
“The GBP/USD pair ended lower at 1.5132 levels, after having managed to recover from the low of 1.5076 levels. The daily chart shows the pair is once again stuck largely in a range of 1.51 to 1.52. Though it dipped below 1.51 levels on quite a few occasions, the pair still managed to end the day above 1.51.”
“The range bound activity is also evident from the daily RSI which has flattened around 34-35 levels. Thus, a fresh demand for Pounds can be anticipated above 1.52 levels, which could take the pair to 1.5260 levels.”
“Meanwhile, an hourly chart closing below 1.51 levels shall open doors for a further sell-off towards 1.5042 levels.”
“However, the probability of an upside breakout is increasing each day since the pair repeatedly withstands sell-off to finish above 1.51 levels. Thus, the pair is more likely to break above 1.52 levels.”
“On the other hand, a daily close below 1.51 shall be bearish for the pair.”