GBP/USD (currently at: 1.5025) seems to be attractive for the buyers. I am changing my technical look to this pair for a while.
The BOE is not behind this move, the US dollar is weaker against sterling pound and it is clear that this weakness is the main reason behind what is happening. BOE is watching the inflation of England and we’ve to wait till things become much obvious.
My technical overview has a limited change and I can see that there is limited uptrend and this is a reason to buy GBP/USD with caution. I recommend buying this pair around this level (1.5000-1.5030) only and it is recommended to use small stop-loss because it might fall hard again in any time. We can buy GBP/USD and watch these resistance levels: 1.5185 and 1.5429
The GBP/USD has the following major resistance and support levels:
- RESISTANCE: 1.5429
- SUPPORT: 1.4334
Breaking these levels in any direction will take us higher or lower.
My Daily BUY/SELL advice (30 pips stop-loss applied):
- Sell: at 1.5395 – Take profit 1.5295 (100 pips profits)
- Buy: at 1.5050 – Take profit 1.5120 (70 pips profits)
- Buy: at 1.5020 – Take profit 1.5070 (50 pips profits)
- Buy: at 1.5000 – Take profit 1.5100 (100 pips profits)
This review is valid during trading week: 22nd-24th April, 2015