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14 Jan 2015
GBP/USD stuck in a 100-pip range – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes that GBP/USD has flattened today to trade in a narrow 1.5170-1.5140 range, further sharing that the pair is likely to test 1.52 levels today.
Key Quotes
“The GBP/USD pair managed to recover most of its losses on Tuesday to finish marginally lower at 1.5164 levels. The pair has essentially flattened out today in a narrow range of 1.5170-1.5140 today, with the daily RSI hovering slightly above the oversold levels.”
“Meanwhile, the hourly chart indicates, the pair is largely stuck in a range of 1.51 to 1.52 since the beginning of the week. The upside momentum has repeatedly faded away closer to 1.52 levels, while the pair has managed to recover above 1.51 levels despite hitting lows around 1.5077.”
“Given the pair has sustained above 5-DMA for the third consecutive session, it is likely to test 1.52 levels today. However, GBP bulls would come-in strong once the pair confirms a close above 1.52 on the hourly charts. In such a case, doors are opened for a technical target of 1.53.”
“On the other hand, the bears would take the pair down to 1.5 levels, if the pair confirms a close below 1.51 on the hourly charts.”
Key Quotes
“The GBP/USD pair managed to recover most of its losses on Tuesday to finish marginally lower at 1.5164 levels. The pair has essentially flattened out today in a narrow range of 1.5170-1.5140 today, with the daily RSI hovering slightly above the oversold levels.”
“Meanwhile, the hourly chart indicates, the pair is largely stuck in a range of 1.51 to 1.52 since the beginning of the week. The upside momentum has repeatedly faded away closer to 1.52 levels, while the pair has managed to recover above 1.51 levels despite hitting lows around 1.5077.”
“Given the pair has sustained above 5-DMA for the third consecutive session, it is likely to test 1.52 levels today. However, GBP bulls would come-in strong once the pair confirms a close above 1.52 on the hourly charts. In such a case, doors are opened for a technical target of 1.53.”
“On the other hand, the bears would take the pair down to 1.5 levels, if the pair confirms a close below 1.51 on the hourly charts.”