Back
26 Feb 2015
GBP/USD breaking into fresh 7-week highs
FXStreet (Bali) - GBP/USD continues to break higher in Asia, with leveraged accounts accumulating long positions, which combined with the trip of stops above 1.5535 - yesterday's high, is causing the bullish momentum to extend to a new 7-week high.
Key Quotes on the Pound by Valeria Bednarik, Chief Analyst at FXStreet
"The GBP/USD pair surged to a fresh 8-week high of 1.5537, with the Pound boosted by BOE's members. Governor Mark Carney in his early speech, reiterated the stance presented in the Quarterly Inflation report, but BOE's Forbes surprised with a hawkish tone, suggesting a rate hike in the nearer future may be needed to ensure financial stability."
"The pair retraced early US session down to the 1.5460 price zone, from where it bounced back above the 1.5500 figure, supporting some additional gains for the upcoming sessions. From a technical point of view, the 1 hour chart shows that the price stands above a bullish 20 SMA whilst the indicators are losing some upward potential well above their mid-lines."
"In the 4 hours chart however, the price remains well above its 20 SMA while the Momentum indicator heads strongly up above 100 and the RSI follows around 66. Renewed buying interest above 1.5535 should lead to a retest of this year high of 1.5582, while a break above this last exposes the 1.5660 price zone, as next main bullish target."
Key Quotes on the Pound by Valeria Bednarik, Chief Analyst at FXStreet
"The GBP/USD pair surged to a fresh 8-week high of 1.5537, with the Pound boosted by BOE's members. Governor Mark Carney in his early speech, reiterated the stance presented in the Quarterly Inflation report, but BOE's Forbes surprised with a hawkish tone, suggesting a rate hike in the nearer future may be needed to ensure financial stability."
"The pair retraced early US session down to the 1.5460 price zone, from where it bounced back above the 1.5500 figure, supporting some additional gains for the upcoming sessions. From a technical point of view, the 1 hour chart shows that the price stands above a bullish 20 SMA whilst the indicators are losing some upward potential well above their mid-lines."
"In the 4 hours chart however, the price remains well above its 20 SMA while the Momentum indicator heads strongly up above 100 and the RSI follows around 66. Renewed buying interest above 1.5535 should lead to a retest of this year high of 1.5582, while a break above this last exposes the 1.5660 price zone, as next main bullish target."