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Trading news
27 Apr 2015
GBP/USD pushing the barriers to the topside - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that GBP/USD traded as high 1.5187 on Friday, level not seen since early March, on broad dollar weakness.
Key Quotes:
"The British Pound has so far ignored the risk of upcoming elections and the political uncertainty it may follow, if the winning party can't end up with a majority in Parliament, the most likely scenario according to the latest polls. Lowering inflation has also become a risk to the kingdom, particularly after latest BOE Minutes showed that policymakers are expecting it to fall below 0.0% sometime this year."
"The technical picture however, favors the upside in the short term, as the 4 hours chart shows that the price extended further above its 20 SMA that presents a strong upward slope around 1.504. In the same time frame, the Momentum indicator aims higher after a limited downward correction, whilst the RSI heads higher around 76, both supporting additional advances. Furthermore, the 200 EMA, a key indication of market's dominant sentiment, stands around 1.4930, reflecting buyers maintain the lead."
Key Quotes:
"The British Pound has so far ignored the risk of upcoming elections and the political uncertainty it may follow, if the winning party can't end up with a majority in Parliament, the most likely scenario according to the latest polls. Lowering inflation has also become a risk to the kingdom, particularly after latest BOE Minutes showed that policymakers are expecting it to fall below 0.0% sometime this year."
"The technical picture however, favors the upside in the short term, as the 4 hours chart shows that the price extended further above its 20 SMA that presents a strong upward slope around 1.504. In the same time frame, the Momentum indicator aims higher after a limited downward correction, whilst the RSI heads higher around 76, both supporting additional advances. Furthermore, the 200 EMA, a key indication of market's dominant sentiment, stands around 1.4930, reflecting buyers maintain the lead."