GBP/USD Aiming to Surpass 1.4600 Mark

GBP/USD Aiming to Surpass 1.4600 Mark

26 April 2016, 13:37
Roberto Jacobs

GBP/USD Aiming to Surpass 1.4600 Mark

The GBP/USD continues to build on to its previous two days of consecutive gains and has now peaked through 1.4550 mark ahead of the US durable goods orders data.

The pair is currently trading at over 2-month high levels and any sort of disappointment from the US economic data front should assist to scale higher even from current levels.

Technical levels to watch

The ongoing momentum seems strong enough to lift the pair beyond 1.4570-80 immediate resistance, which if cleared sets the stage for test of 1.4635-40 resistance area, marked by 38.2% Fibonacci retracement level of 1.5930-1.3835 downfall.

On the downside, dip towards 1.4530-25 zone now seems to attract fresh bids that might limit any further fall below 1.4500 round figure mark. Only a sustained weakness back below 1.4500 mark (1.4500-1.4480 area would negate the bullish outlook, thus dragging the pair back towards 100-day SMA resistance turned support near 1.4420 region.


Share it with friends: