GBP/USD Adding to Gains Above 1.4500 Mark

GBP/USD Adding to Gains Above 1.4500 Mark

26 April 2016, 10:28
Roberto Jacobs

GBP/USD Adding to Gains Above 1.4500 Mark

The GBP/USD has been inching higher for third consecutive day and at the time of writing is trading at day's peak near 1.4545 level.

The pair has been gaining strength after the US President Obama urged UK people to vote in favor of staying with the European Union when they cast their vote on June 23. Traders would now take cues from the key FOMC meeting outcome, which now seems to determine further near-term direction of the pair.

Technical levels to watch

On the immediate upside, the pair's up-move beyond 1.4550 round figure is likely to confront resistance near 1.4570-80 region. A clear break-through 1.4570-80 resistance now opens room for extension of the pair's near-term upward trajectory.

On the downside, 1.4500 handle, closely followed 1.4480 day's low, now seems to protect immediate downside. A drop below 1.4500 might now get bought into and hence any further weakness is likely to be limited at a previous strong resistance, now turned immediate strong support, at 100-day SMA region near 1.4415-20 area.


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