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17 Apr 2015
GBP/USD bulls hold in and eye 1.5000 still
FXStreet (Guatemala) - GBP/USD is currently trading at 1.4932 with a high of 1.5054 and a low of 1.4915.
GBP/USD has fallen back today towards the pivot but held just short of the level at current and aforementioned lows for the major. The classic pivot stands at 1.4906 and offers a strong support line ahead of S1 at 1.4873. The greenback is making a minor comeback at the end of the week, encouraged along with CPI's relatively in line overall and consumer sentiment in good shape despite the wake up call in the markets earlier this month with NFP's dropping back and IMF downgrades to the economy.
Technically, as positions get squared in to the weekend, the major is still regarded to be on track for a test of the 1.50 region and the 2015-2015 downtrend at 1.5186, as noted by Karen Jones, chief analyst at Commerzbank. "Where we look for the market to fail. We view this as corrective only, the recent low at 1.4568 has been accompanied by a large divergence of the daily RSI and this reflects a loss of downside momentum."
GBP/USD has fallen back today towards the pivot but held just short of the level at current and aforementioned lows for the major. The classic pivot stands at 1.4906 and offers a strong support line ahead of S1 at 1.4873. The greenback is making a minor comeback at the end of the week, encouraged along with CPI's relatively in line overall and consumer sentiment in good shape despite the wake up call in the markets earlier this month with NFP's dropping back and IMF downgrades to the economy.
Technically, as positions get squared in to the weekend, the major is still regarded to be on track for a test of the 1.50 region and the 2015-2015 downtrend at 1.5186, as noted by Karen Jones, chief analyst at Commerzbank. "Where we look for the market to fail. We view this as corrective only, the recent low at 1.4568 has been accompanied by a large divergence of the daily RSI and this reflects a loss of downside momentum."