5 Jun 2015
GBP/USD: immediate gains capped at 1.5390-1.5400 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, shares the technical outlook and key upside & downside levels for GBP/USD.
Key Quotes
“Pound’s drop from the high of 1.5439 and a daily close below 200-DMA on Thursday led to a failure of the inverted head and shoulder pattern seen on the hourly chart. The pair fell below the neckline currently seen at 1.5395. However, a daily close above 1.5336 (38.2% Fib R of 1.4564-1.5813) means the pair could make another attempt at 1.5390-1.5400 levels.”
“Only, a failure to take out 200-DMA located at 1.5371 and a subsequent drop below 1.5336 could mean a short-term top is made at 1.5439. In such case, losses could be extended to 1.5189 (50% Fib R of 1.4564-1.5813).”
“On the higher side, a break above 1.5439 could open doors for 1.5487.”
Key Quotes
“Pound’s drop from the high of 1.5439 and a daily close below 200-DMA on Thursday led to a failure of the inverted head and shoulder pattern seen on the hourly chart. The pair fell below the neckline currently seen at 1.5395. However, a daily close above 1.5336 (38.2% Fib R of 1.4564-1.5813) means the pair could make another attempt at 1.5390-1.5400 levels.”
“Only, a failure to take out 200-DMA located at 1.5371 and a subsequent drop below 1.5336 could mean a short-term top is made at 1.5439. In such case, losses could be extended to 1.5189 (50% Fib R of 1.4564-1.5813).”
“On the higher side, a break above 1.5439 could open doors for 1.5487.”