GBP/USD Moves Above 1.4650, Bulls in Control

GBP/USD Moves Above 1.4650, Bulls in Control

29 April 2016, 09:34
Roberto Jacobs
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GBP/USD Moves Above 1.4650, Bulls in Control

The GBP/USD continues to scale higher and is now trading at 3-month high level near 1.4650, heading for third consecutive week and second consecutive month of of gains.

The pair is now in the vicinity of testing Feb. high of 1.4668, beyond which bulls are likely to lead the pair higher. Moreover, the pair has been trending within a short-term ascending trend-channel formation on H4 and after testing the trend-channel support on Thursday is moving higher, clearly indicating that bulls are in full control and are aiming for higher levels for the pair.

ALSO READ: Sterling futures show bulls committed for a 1.4650 breakout

Technical levels to watch

Strength above Feb. high of 1.4668-70 would set the stage for an immediate up-move towards 1.4700 round figure mark before the pair makes an attempt towards testing the short-term ascending trend-channel resistance near 1.4750-60 zone.

On the flip side, reversal from current levels and a subsequent drop below 1.4625-20 immediate support has the potential to drag the pair back below 1.4600 handle, towards 1.4580 horizontal support. Any further decline below 1.4600 is likely to be limited at the trend-channel support, currently near 1.4550 level.


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