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22 Apr 2015
GBP/USD reaches 1-month highs
FXStreet (Córdoba) - GBP/USD kept moving higher and reached a fresh 1-month high at the beginning of the American session as BoE minutes were taken as slightly hawkish while the dollar is underperforming across the board.
GBP/USD climbed more than 150 pips throughout the day and reached its highest level in over a month at 1.5078 in recent dealings. Cable has pulled back a few pips from highs and it is currently trading at the 1.5040 zone, where it posts a 0.78% daily gain.
GBP/USD technical perspective
“The short term picture maintains a strong bullish tone, with the 1 hour chart showing that the technical indicators continue to head higher despite in extreme overbought levels, whilst the price advanced above its 20 SMA”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the Momentum indicator heads strongly higher above its mid-line, supporting the shorter term view, with the next short term resistance at the 1.5100 level”.
GBP/USD climbed more than 150 pips throughout the day and reached its highest level in over a month at 1.5078 in recent dealings. Cable has pulled back a few pips from highs and it is currently trading at the 1.5040 zone, where it posts a 0.78% daily gain.
GBP/USD technical perspective
“The short term picture maintains a strong bullish tone, with the 1 hour chart showing that the technical indicators continue to head higher despite in extreme overbought levels, whilst the price advanced above its 20 SMA”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the Momentum indicator heads strongly higher above its mid-line, supporting the shorter term view, with the next short term resistance at the 1.5100 level”.