Valeria Bednarik, Chief Analyst at FXStreet, notes that technicals suggest the short-term picture for cable favours the upside.
Key Quotes
“The GBP/USD surged to a fresh 6-week high around 1.5387 finding support in a relatively hawkish BoE Quarterly Inflation Report.”
“Technically, the short term picture favors the upside, as the 1 hour chart shows that the price accelerated above its 20 SMA whilst the indicators are losing upward potential in overbought territory, far from signaling a reversal.”
“In the 4 hours chart indicators maintain a strong bullish slope whilst the price extended above its 20 SMA, all of which favors some further advances particularly if the price extends beyond 1.5400.”
Key Quotes
“The GBP/USD surged to a fresh 6-week high around 1.5387 finding support in a relatively hawkish BoE Quarterly Inflation Report.”
“Technically, the short term picture favors the upside, as the 1 hour chart shows that the price accelerated above its 20 SMA whilst the indicators are losing upward potential in overbought territory, far from signaling a reversal.”
“In the 4 hours chart indicators maintain a strong bullish slope whilst the price extended above its 20 SMA, all of which favors some further advances particularly if the price extends beyond 1.5400.”
