26 Mar 2015
GBP/USD might target 1.5075 on a move above 1.4984/90 – AceTrader
FXStreet (Barcelona) - The AceTrader Team shares the technical outlook for GBP/USD, expecting the pair to trade choppy in the 1.4635-1.5166 range for today.
Key Quotes
“The broad outlook on cable remains unchanged. As mentioned in previous update, although last Wed's rally fm 1.4635 to as high as 1.5166 confirms the LT fall fm 2014 near 6-year peak at 1.7192 has finally formed a temporary low there, the sharp retreat to 1.4689 Thur suggests choppy trading inside aforesaid 1.4635-1.5165 broad range wud continue this week, a daily close abv there wud bring stronger retracement to 1.5357, being a 'minimum' 38.2% of the intermediate fall fm 1.6525 to 1.4635.”
“Failure to re-test 1.5166 res n subsequent breach of 1.4635 wud risk one more fall to 1.4598/1.4582 area (61.8% proj. of 1.5554-1.4635 n 61.8% proj. of 1.6525 -1.4952 fm 1.5554 respectively), however, as hourly & the daily indicators wud display bullish convergences on such move, 1.4500 wud hold.”
“Today, expect further choppy trading inside 1.4635-1.5166 broad range to continue. Abv 1.4984/90 wud extend twd 1.5075, whilst below 1.4777, 1.4719.”
Key Quotes
“The broad outlook on cable remains unchanged. As mentioned in previous update, although last Wed's rally fm 1.4635 to as high as 1.5166 confirms the LT fall fm 2014 near 6-year peak at 1.7192 has finally formed a temporary low there, the sharp retreat to 1.4689 Thur suggests choppy trading inside aforesaid 1.4635-1.5165 broad range wud continue this week, a daily close abv there wud bring stronger retracement to 1.5357, being a 'minimum' 38.2% of the intermediate fall fm 1.6525 to 1.4635.”
“Failure to re-test 1.5166 res n subsequent breach of 1.4635 wud risk one more fall to 1.4598/1.4582 area (61.8% proj. of 1.5554-1.4635 n 61.8% proj. of 1.6525 -1.4952 fm 1.5554 respectively), however, as hourly & the daily indicators wud display bullish convergences on such move, 1.4500 wud hold.”
“Today, expect further choppy trading inside 1.4635-1.5166 broad range to continue. Abv 1.4984/90 wud extend twd 1.5075, whilst below 1.4777, 1.4719.”