FXStreet (Barcelona) – FXStreet Editor and Analyst, Omkar Godbole, sees bullish potential towards 1.56 for GBP/USD on a break above 1.5566, while below 1.5515 will pave way for 1.5468 levels.
Key Quotes
“On the charts, the pair did rise to 1.5566 (38.2% Fib R of 1.7190-1.4564) levels as anticipated on Friday, although it failed to witness a daily close above the same. At the moment, the pair is trading between two key Fib levels – 1.5519 (23.6% Fib R of 1.4564-1.5813) and 1.5566 (38.2% Fib R of 1.7190-1.4564).”
“Given the pair has repeatedly bounced from hourly 50-MA last week, fresh bids could be seen in the range of 1.5519-1.5515 (hourly 50-MA). Consequently, the pair could re-test 1.5566, a break above which could see the spot test 1.56.”
“On the other hand, a break below 1.5515 could push the spot 1.5468 (hourly 100-MA).”
(Market News Provided by FXstreet)