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14 Apr 2015
GBP/USD consolidates near 1.4800
FXStreet (Córdoba) - GBP/USD consolidates near daily highs after staging an impressive almost 200-pip rally during the New York session as the dollar weakened broadly on the back of disappointing US retail sales coupled with a GDP forecast downgrade by the IMF.
GBP/USD rose from a daily low of 1.4603 to a 5-day high of 1.4800. However, Cable failed to regain the 1.48 mark and it has spent the last hours within a slim range just below. At time of writing, the pair is trading at the 1.4775, still 0.69% above its opening price.
GBP/USD short-term technical perspective
“Technically, the short term picture favors the upside, as the pair consolidates near its daily high, whilst the price stands well above a bullish 20 SMA, currently around 1.4700, while the technical indicators are giving signs of exhaustion in overbought territory, but are far from signaling a probable short term retracement”, said Valeria Bednarik, chief analyst at FXStreet.
GBP/USD rose from a daily low of 1.4603 to a 5-day high of 1.4800. However, Cable failed to regain the 1.48 mark and it has spent the last hours within a slim range just below. At time of writing, the pair is trading at the 1.4775, still 0.69% above its opening price.
GBP/USD short-term technical perspective
“Technically, the short term picture favors the upside, as the pair consolidates near its daily high, whilst the price stands well above a bullish 20 SMA, currently around 1.4700, while the technical indicators are giving signs of exhaustion in overbought territory, but are far from signaling a probable short term retracement”, said Valeria Bednarik, chief analyst at FXStreet.