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10 Sep 2015
GBP/USD finds support at 1.5440, back to highs; What's next?
FXStreet (Cocoa) - After peaking to 2-week highs at 1.5475, the British Pound was sold at this level against the US Dollar and it returned to 1.5435 where the pair found buying interest again. The GBP/USD is now trading back above 1.5460 and it seems the pair is ready to attack for further highs.
Currently, GBP/USD is trading at 1.5465, up 0.62% on the day, having posted a daily high at 1.5475 and low at 1.5335. GBP/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
Earlier on Thursday, the Bank of England MPC members voted 8-1 to hold rate unchanged at a record low of 0.5%, where it has stood since March 2009.
GBP/USD Forecast
As the GBP/USD is trading positive for the third day in the last four, the pair seems ready to advance further after finally breaking the 1.5400 resistance earlier today. According to FXStreet Chief Analyst: “there is no reason to sell the GBP/USD”.
Bednarik says that the British Pound "bullish potential resurges, so no reason to sell the GBP/USD with 1.5500 now at sight, even 1.5540 possible."
British Pound to Dollar levels
If the pair manages to extend advances beyond 1.5475, it will find resistances at 1.5490 and 1.5500. To the downside, the British Pound will find supports against the US Dollar at 1.5435, 1.5400 and 1.5370.
Currently, GBP/USD is trading at 1.5465, up 0.62% on the day, having posted a daily high at 1.5475 and low at 1.5335. GBP/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
Earlier on Thursday, the Bank of England MPC members voted 8-1 to hold rate unchanged at a record low of 0.5%, where it has stood since March 2009.
GBP/USD Forecast
As the GBP/USD is trading positive for the third day in the last four, the pair seems ready to advance further after finally breaking the 1.5400 resistance earlier today. According to FXStreet Chief Analyst: “there is no reason to sell the GBP/USD”.
Bednarik says that the British Pound "bullish potential resurges, so no reason to sell the GBP/USD with 1.5500 now at sight, even 1.5540 possible."
British Pound to Dollar levels
If the pair manages to extend advances beyond 1.5475, it will find resistances at 1.5490 and 1.5500. To the downside, the British Pound will find supports against the US Dollar at 1.5435, 1.5400 and 1.5370.