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22 Apr 2015
GBP/USD 1.4950 resistance key - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that GBP/USD erased most of its Monday losses, surging to a daily high of 1.4972 on the back of a sudden change in market's sentiment during the American afternoon.
Key Quotes:
"The UK will publish its latest BOE Minutes early on Wednesday, and expectations are that the 9 MPC voting members have preferred to remain in hold, in which case it won't have any effect on the Pound's value."
"Technically, the daily chart shows that, despite closing the day in the green, the pair has set a lower high and a lower low daily basis, this last at 1.4855, which limits the upside in the wider view. In the short term, the 1 hour chart shows that the price stands above a bullish 20 SMA, whilst the technical indicator head higher above their mid-lines, suggesting a probable retest of the 1.5000 level during the upcoming hours."
"In the 4 hours chart, the price is struggling around a flat 20 SMA, whilst the technical indicators are now flat right below their mid-lines, presenting a quite neutral stance. The pair has a static Fibonacci resistance around 1.4940, which means renewed buying interest above the level may lead to an approach to the 1.5000/40 price zone."
Key Quotes:
"The UK will publish its latest BOE Minutes early on Wednesday, and expectations are that the 9 MPC voting members have preferred to remain in hold, in which case it won't have any effect on the Pound's value."
"Technically, the daily chart shows that, despite closing the day in the green, the pair has set a lower high and a lower low daily basis, this last at 1.4855, which limits the upside in the wider view. In the short term, the 1 hour chart shows that the price stands above a bullish 20 SMA, whilst the technical indicator head higher above their mid-lines, suggesting a probable retest of the 1.5000 level during the upcoming hours."
"In the 4 hours chart, the price is struggling around a flat 20 SMA, whilst the technical indicators are now flat right below their mid-lines, presenting a quite neutral stance. The pair has a static Fibonacci resistance around 1.4940, which means renewed buying interest above the level may lead to an approach to the 1.5000/40 price zone."