GBP/USD Forecast: Strong uptrend but, its end is not far away

GBPUSD 13th May, 2015

GBP/USD (currently at: 1.5745) continued uptrend run to break 1.5699 and it fell after touching 1.5766. This is what I expected in this post.

The BOE is still watching the economic data of UK with no serious action. However, the recent data was strong enough to push everyone to buy sterling pound, this is what I call the election sales. On the other hand, the dollar is still suffering from uncertainty and mixed expectations about the timing of the first rate hike. In addition, moderate to weak economic data releases had effect too on the US dollar. Sterling pound is strong enough to stay for a while within this range and the way to 1.5805 (the next major resistance) should be very easy.

My technical overview adds another space for the current uptrend rally again and I can see that there is higher chances that this uptrend will last for a while till we break 1.5805 first and then, we will see whether this trend will continue or not. This move will be struggling battles between bears and bulls during the next few days or weeks and the sideline moves will be noticed once we move above 1.5805. Buy GBP/USD and watch this resistance level: 1.5805 as a checkpoint for this rally. Our close support levels are: 1.5000 and 1.5565

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

  • RESISTANCE: 1.6000
  • 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 1.5805 – Take profit 1.5705 (100 pips profits)
  • Sell: at 1.5990 – Take profit 1.5890 (100 pips profits)
  • Buy: at 1.5650 – Take profit 1.5750 (100 pips profits)
  • Buy: at 1.5550 – Take profit 1.5750 (200 pips profits)
  • Buy: at 1.5565 – Take profit 1.5665 (100 pips profits)

This review is valid during trading week: 13th to 15th of May, 2015

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