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25 Apr 2016
GBP/USD consolidates around 1.4500
GBP/USD stabilized after rallying rallying earlier from 1.4400 to 1.4520. It reached the strongest level in two months and then pulled back modestly. During the last hours, it has been trading in a small range between 1.4505 and 1.4480, consolidating daily gains.
The pound continues to be among the top performers in the currency market during April, supported by a recovery in the polls of the “stay” position in the Brexit referendum. Uncertainty remains highs about the outcome of the June vote.
GBP/USD technical outlook
“The GBP/USD retreated from 1.4520 high, but holds around the 1.4500 figure, maintaining a positive technical tone, as in the 4 hours chart, the price is well above a bullish 20 SMA, whilst the Momentum indicator continues heading north well above its 100 level and the RSI indicator consolidates around 70”, said Valeria Bednarik, Chief Analyst at FXStreet.
According to her, a strong upward acceleration through the 1.4520 level is required to confirm additional gains for this Tuesday that can extend up to the 1.4600 region.
The pound continues to be among the top performers in the currency market during April, supported by a recovery in the polls of the “stay” position in the Brexit referendum. Uncertainty remains highs about the outcome of the June vote.
GBP/USD technical outlook
“The GBP/USD retreated from 1.4520 high, but holds around the 1.4500 figure, maintaining a positive technical tone, as in the 4 hours chart, the price is well above a bullish 20 SMA, whilst the Momentum indicator continues heading north well above its 100 level and the RSI indicator consolidates around 70”, said Valeria Bednarik, Chief Analyst at FXStreet.
According to her, a strong upward acceleration through the 1.4520 level is required to confirm additional gains for this Tuesday that can extend up to the 1.4600 region.