3 Feb 2015
GBP/USD extends highs to 1.5120; but retraces to 1.5100
FXStreet (San Francisco) - The pound extended gains versus the US dollar after an increase in risk appetite following positive developments from the Greek front.
After climbing over 120 pips overnight from 1.4990 to 1.5120, the GBP/USD trades on consolidation mode around 1.5100. Currently, GBP/USD is trading at 1.5101, up 0.53% on the day, having posted a daily high at 1.5122 and low at 1.4988.
GBP/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
GBP/USD sentiment
Greg Michalowski from ForexLive remarks that the "GBPUSD pushes above the 100 and 200 hour MA," and it is triggering more buying. Michalowski looks "for the GBPUSD price to hold the 100 and 200 hour MA on the bottom if the buyers are to remain in control." However, "a break above the 1.5109 will next look toward the 1.51466 (61.8% retracemene of the month range)."
As for the short term, if the pair holds above 1.5100, next resistances are at 1.5120, 1.5150 and 1.5160. To the downside, supports are at 1.5085, 1.5050 and 1.5020.
After climbing over 120 pips overnight from 1.4990 to 1.5120, the GBP/USD trades on consolidation mode around 1.5100. Currently, GBP/USD is trading at 1.5101, up 0.53% on the day, having posted a daily high at 1.5122 and low at 1.4988.
GBP/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
GBP/USD sentiment
Greg Michalowski from ForexLive remarks that the "GBPUSD pushes above the 100 and 200 hour MA," and it is triggering more buying. Michalowski looks "for the GBPUSD price to hold the 100 and 200 hour MA on the bottom if the buyers are to remain in control." However, "a break above the 1.5109 will next look toward the 1.51466 (61.8% retracemene of the month range)."
As for the short term, if the pair holds above 1.5100, next resistances are at 1.5120, 1.5150 and 1.5160. To the downside, supports are at 1.5085, 1.5050 and 1.5020.