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Forex forecast

GBP/USD Current price: 1.4690

02.05.2016 16:18:09


The British Pound found some buying interest after London opening, and the GBP/USD pair recovered from a daily low set at 1.4580 with the Asian opening, accelerating to fresh 2-month high near 1.4700. There was no macroeconomic data coming from the UK this morning, and the ongoing advance is pure dollar's weakness. The short term picture is clearly bullish, as in the 1 hour chart, the technical indicators are entering overbought territory with a strong upward slope, although the 20 SMA remains flat in the 1.4610 region. In the 4 hours chart, the 20 SMA is slowly turning north after offering an intraday support around the mentioned daily low, whist the technical indicators turned higher within positive territory, also supporting a new leg north, on a break above 1.4710, the immediate resistance. 

Support levels:  1.4655 1.4620 1.4570

Resistance levels: 1.4710 1.4750 1.4790

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