Both EUR/USD and GBP/USD remains limited in the market, consolidating with an upside bias as greenback shows weakness across the board. The GBP/USD pair keeps reaching monthly highs as it moves within a bullish channel. The rally of the cable found resistance yesterday at the upper limit of the channel around 1.5550. Afterwards the pound lost momentum.
The short term trend and momentum still favors the upside, with price holding above key moving averages, but to open the doors for further gains price needs to break 1.5550 - 1.5560 that is the key resistance for the coming sessions. Above here it could accelerate and it is likely to move toward 1.5600 (on top of 2015 highs); above the next strong resistance is seen at 1.5680/85.
In the hourly chart the pair is moving to the downside, with the pair correcting after rising more than 200 pips from weekly lows. The correction could continue but it could be seen as an opportunity to buy the cable again. The immediate support level that should cap the decline lies at 1.5470 and below at 1.5420. Only a consolidation below 1.5370 could change the bullish outlook.
View Live Chart for GBP/USD
The short term trend and momentum still favors the upside, with price holding above key moving averages, but to open the doors for further gains price needs to break 1.5550 - 1.5560 that is the key resistance for the coming sessions. Above here it could accelerate and it is likely to move toward 1.5600 (on top of 2015 highs); above the next strong resistance is seen at 1.5680/85.
In the hourly chart the pair is moving to the downside, with the pair correcting after rising more than 200 pips from weekly lows. The correction could continue but it could be seen as an opportunity to buy the cable again. The immediate support level that should cap the decline lies at 1.5470 and below at 1.5420. Only a consolidation below 1.5370 could change the bullish outlook.
View Live Chart for GBP/USD
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