Back
12 Mar 2015
GBP/USD might re-test 1.5000-1.5022 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes technicals suggest that the GBP/USD pair might move higher to re-test 1.5000-1.5022 levels, with US retail sales data later in the day being the major risk for the pair today.
Key Quotes
“On the hourly chart, the RSI has confirmed a bullish divergence, while the daily candle has turned positive after having recovered from the low of 1.4908.”
“On 4-hour chart too, the RSI is likely to confirm a bullish divergence. Thus, we could see the pair re-test 1.5-1.5022 (5-DMA) levels today.”
“A weak retail sales print in the US could help the pair extend gains. Meanwhile, the trade balance data in the UK is likely to be a non-event as usual.”
“The pair could also benefit from a possible correction in the EUR/USD pair. However, a better-than-expected US retail sales data could see renewed selling pressure, that could push the pair back to 1.4890 levels.”
Key Quotes
“On the hourly chart, the RSI has confirmed a bullish divergence, while the daily candle has turned positive after having recovered from the low of 1.4908.”
“On 4-hour chart too, the RSI is likely to confirm a bullish divergence. Thus, we could see the pair re-test 1.5-1.5022 (5-DMA) levels today.”
“A weak retail sales print in the US could help the pair extend gains. Meanwhile, the trade balance data in the UK is likely to be a non-event as usual.”
“The pair could also benefit from a possible correction in the EUR/USD pair. However, a better-than-expected US retail sales data could see renewed selling pressure, that could push the pair back to 1.4890 levels.”