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23 Feb 2015
GBP/USD attacks today's ceiling at 1.5475 again; fractals point to declines
FXStreet (San Francisco) - After a brief period of consolidation from new highs around 1.5475, GBP/USD found buyers at 1.5450 where it bounced to retest the highs.
Earlier in the day, the GBP/USD recovered more than 140 pips from 1.5330 to trade at the highest level since February 18 at 1.5475. The movement was driven by weak economic data in the housing sector in the United States. However, the pair found selling interest at this level and is again priced at 1.5450.
Currently, GBP/USD is trading at 1.5468, up 0.52% on the day, having posted a daily high at 1.5477 and low at 1.5332. GBP/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
GBP/USD sentiment
In an interview in the Live Analysis Room, Jamie Saettele, Technical Strategist at DailyFX commented that GBP/USD fractals based on 20 day highs and RSI readings of 60 have led to declines.
If the pair breaks above 1.5475, next frontiers are at 1.5480, 1.5500 and 1.5520. To the downside, supports are at 1.5450, 1.5420 and 1.5400.
Earlier in the day, the GBP/USD recovered more than 140 pips from 1.5330 to trade at the highest level since February 18 at 1.5475. The movement was driven by weak economic data in the housing sector in the United States. However, the pair found selling interest at this level and is again priced at 1.5450.
Currently, GBP/USD is trading at 1.5468, up 0.52% on the day, having posted a daily high at 1.5477 and low at 1.5332. GBP/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
GBP/USD sentiment
In an interview in the Live Analysis Room, Jamie Saettele, Technical Strategist at DailyFX commented that GBP/USD fractals based on 20 day highs and RSI readings of 60 have led to declines.
If the pair breaks above 1.5475, next frontiers are at 1.5480, 1.5500 and 1.5520. To the downside, supports are at 1.5450, 1.5420 and 1.5400.