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11 May 2015
Forex News: GBP/USD remains a buy on dips – AceTrader
FXStreet (Barcelona) - Using daily charts, the AceTrader Team notes technicals remain in favour of further gains towards 1.5664 for GBP/USD, as long as the pair remains above 1.5292 on a daily basis.
Key Quotes
“Looking at the daily chart, cable's rally abv Apr's 1.5498 high last Fri to a 2-month peak of 1.5523 confirms MT rise fm Apr's near 5-year trough at 1.4566 has once again resumed n price is en route to 2015 peak at 1.5554 (Feb).”
“As the daily technical indicators are rising, a daily close abv said 1.5544 res wud encourage for further headway twd 1.5664, being a 61.8% proj. of the entire rise fm 1.4566-1.5498 measured fm 1.5088.”
“Therefore, buying cable on dips is favoured n only a daily close below 1.5292 (previous res, now sup) wud be the 1st signal temporary top is in place n risk would shift to the downside for weakness twd 1.5165 but reckon sup at 1.5088 should remain intact.”
“Today, although cable has risen again in Fri's post-NFP session in NY after intra-day strg retreat fm 1.5523 to 1.5355, abv said res needed to ring re-test of 1.5523, bearish divergences shud cap price below res at 1.5621”
Key Quotes
“Looking at the daily chart, cable's rally abv Apr's 1.5498 high last Fri to a 2-month peak of 1.5523 confirms MT rise fm Apr's near 5-year trough at 1.4566 has once again resumed n price is en route to 2015 peak at 1.5554 (Feb).”
“As the daily technical indicators are rising, a daily close abv said 1.5544 res wud encourage for further headway twd 1.5664, being a 61.8% proj. of the entire rise fm 1.4566-1.5498 measured fm 1.5088.”
“Therefore, buying cable on dips is favoured n only a daily close below 1.5292 (previous res, now sup) wud be the 1st signal temporary top is in place n risk would shift to the downside for weakness twd 1.5165 but reckon sup at 1.5088 should remain intact.”
“Today, although cable has risen again in Fri's post-NFP session in NY after intra-day strg retreat fm 1.5523 to 1.5355, abv said res needed to ring re-test of 1.5523, bearish divergences shud cap price below res at 1.5621”