20 Mar 2015
GBP/USD: Bullish closing potential
FXStreet (Guatemala) - GBP/USD is currently trading at 1.4981 with a high of 1.4987 and a low of 1.4720.
GBP/USD is has having a last minute run to the upside on the last trading session of another week. However, it was a week of big volatility and it is not unusual to see unusual moves on a Friday, while there is no data to act as a catalyst. The greenback is lower across the board here and puts cable into a bullish scenario for the open next week and on a week that brings the inflation data for both the UK and US as the key data event.
Technically, should the pair get back into the bears camp by breaking below 1.4813 2013 low, 1.4635 comes as next target, as noted by Karen Jones, chief analyst at Commerzbank. " And eventually target 1.4291/29, the 78.6% retracement of the move from 2009 and the 2010 low. Today allow for further consolidation. Key resistance remains the 2014-2015 down channel at 1.5389 and this was left well alone – this suggests that the down move remains intact."
GBP/USD is has having a last minute run to the upside on the last trading session of another week. However, it was a week of big volatility and it is not unusual to see unusual moves on a Friday, while there is no data to act as a catalyst. The greenback is lower across the board here and puts cable into a bullish scenario for the open next week and on a week that brings the inflation data for both the UK and US as the key data event.
Technically, should the pair get back into the bears camp by breaking below 1.4813 2013 low, 1.4635 comes as next target, as noted by Karen Jones, chief analyst at Commerzbank. " And eventually target 1.4291/29, the 78.6% retracement of the move from 2009 and the 2010 low. Today allow for further consolidation. Key resistance remains the 2014-2015 down channel at 1.5389 and this was left well alone – this suggests that the down move remains intact."