13 Feb 2015
GBP/USD records third weekly gain in a row
FXStreet (Córdoba) - GBP/USD has settled around the 1.54 mark and remains on track to close the week with a positive result for third time in a row, underpinned by broad USD weakness and BoE hawkish tone.
GBP/USD reached its highest level since Jan 2 at 1.5421 on Friday but lacking strength to clear that level, it entered into a consolidation phase over the last sessions. GBP/USD is currently trading at 1.5398, recording a 0.12% daily gain and 1.04% above its last week’s close.
GBP/USD technical perspective
“After the clear rounded bottom pattern that formed over the last month, and another clear Bullish Engulfing Candle, further gains are definitely possible over the medium term”, said Matt Weller, analyst at FOREX.com. “Bulls will be looking for a move up to at least the 23.6% Fibonacci retracement of last year’s drop at 1.5480, and if rates can eclipse 1.5500, a larger leg higher is definitely possible”.
GBP/USD reached its highest level since Jan 2 at 1.5421 on Friday but lacking strength to clear that level, it entered into a consolidation phase over the last sessions. GBP/USD is currently trading at 1.5398, recording a 0.12% daily gain and 1.04% above its last week’s close.
GBP/USD technical perspective
“After the clear rounded bottom pattern that formed over the last month, and another clear Bullish Engulfing Candle, further gains are definitely possible over the medium term”, said Matt Weller, analyst at FOREX.com. “Bulls will be looking for a move up to at least the 23.6% Fibonacci retracement of last year’s drop at 1.5480, and if rates can eclipse 1.5500, a larger leg higher is definitely possible”.