12 May 2015
GBP/USD bullish target at 1.5880 – Growth Aces
FXStreet (Barcelona) - With momentum clearly favouring the GBP bulls, the Growth Aces Research Team, maintains a long position on GBP/USD, targeting 1.5880 levels.
Key Quotes
“Industrial output rose 0.5% mom and 0.7% yoy in March, the strongest growth since September and above the median forecast of no change, after inching up by 0.1% mom in February.”
“Momentum is clearly with the GBP bulls. The GBP has been supported in the past two sessions by the election of the Conservative Party and speculation the Bank of England, which issues its quarterly inflation report on Wednesday, may trigger a change in bets on when it will deliver a first post-crisis rise in interest rates.”
“The GBP/USD broke above 38.2% fibo of July 2014-April 2015 slide and the 200-dma (1.5624). The rate has not been above the average since August last year.”
“We have placed our buy order at 1.5530. In our opinion 50% fibo at 1.5880 should be the next target for the GBP bulls.”
“Resistance: 1.5753 (high Dec 17, 2014), 1.5785 (high Dec 16, 2016), 1.5826 (high Nov 27, 2014)”
“Support: 1.5624 (200-dma), 1.5498 (high Apr 29), 1.5393 (low May 11)”
“GBP/USD: buy at 1.5530, if filled – target 1.5880, stop-loss 1.5420, risk factor ***”
Key Quotes
“Industrial output rose 0.5% mom and 0.7% yoy in March, the strongest growth since September and above the median forecast of no change, after inching up by 0.1% mom in February.”
“Momentum is clearly with the GBP bulls. The GBP has been supported in the past two sessions by the election of the Conservative Party and speculation the Bank of England, which issues its quarterly inflation report on Wednesday, may trigger a change in bets on when it will deliver a first post-crisis rise in interest rates.”
“The GBP/USD broke above 38.2% fibo of July 2014-April 2015 slide and the 200-dma (1.5624). The rate has not been above the average since August last year.”
“We have placed our buy order at 1.5530. In our opinion 50% fibo at 1.5880 should be the next target for the GBP bulls.”
“Resistance: 1.5753 (high Dec 17, 2014), 1.5785 (high Dec 16, 2016), 1.5826 (high Nov 27, 2014)”
“Support: 1.5624 (200-dma), 1.5498 (high Apr 29), 1.5393 (low May 11)”
“GBP/USD: buy at 1.5530, if filled – target 1.5880, stop-loss 1.5420, risk factor ***”