GBP/USD Forecast: Strong uptrend will last or .. ?

GBPUSD 29th April, 2015

GBP/USD Analysis

GBP/USD (currently at: 1.5420) broke the strong resistance 1.5429 easily and had a rally during the last week as I’ve previously mentioned in my previous post.

The BOE is still watching the economic data of UK with no serious action. On the other hand, the dollar is suffering from uncertainty and mixed expectations about the timing of the first rate hike. Sterling pound will stay for a while within this range and the way to 1.5805 (the next major resistance) should not be that easy.

My technical overview adds extra space for the current uptrend rally and I can see that there is higher chances that this uptrend will last for a while till we touch 1.5805. The move will be slower a little bit than what happened the last 48 hours. I recommend buying this pair with caution this time because mixed moves might occur sharply. Buy GBP/USD and watch these resistance levels: 1.5699 and 1.5805 as checkpoints for this rally. Our close support levels are: 1.5000 and 1.4565

The GBP/USD has the following major resistance and support levels:

  • RESISTANCE: 1.5805
  • 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 1.5680 – Take profit 1.5600 (80 pips profits)
  • Sell: at 1.5790 – Take profit 1.5690 (100 pips profits)
  • Buy: at 1.5350 – Take profit 1.5500 (150 pips profits)
  • Buy: at 1.5250 – Take profit 1.5350 (100 pips profits)
  • Buy: at 1.5010 – Take profit 1.5090 (80 pips profits)

This review is valid during trading week: 29th-30th April – 1st of May, 2015