GBPUSD continues rally to new 8-week high

February 26, 2015

GBPUSD managed to break above and close above the 23.6% Fibonacci retracement level of the 1.7190 to 1.4949 fall.  This level comes in at 1.5477. The corrective move higher continues after bouncing from this multi-month low and prices reached a high of 1.5551 by early Thursday, hitting a fresh 8-week high.

There is a likelihood for further upward momentum as prices have moved above the top of the cloud and the RSI has entered bullish territory above 50. Also the tenkan-sen line has crossed above the kijun-sen line, giving a bullish signal. As long as the market remains supported above the key 1.5500 level the bears have lost control for now. The next target would be the 38.2% Fibonacci at 1.5804.

In the bigger picture however, looking at the monthly chart, the long term trend remains bearish and the recent move is seen as a correction. As such, the pair has scope to resume the downside, with the next support level coming in at 1.5200 and below this, the pair would fall to retest the 1.4949 low.

 

Publication source
XM information  XM reviews

January 16, 2017
Surging equities at risk ahead of earnings season
While earnings season has started on a very positive footing, however, banks and other financial companies were already expected to shine more than others due to rising interest rate expectations. As non-financial companies begin to report in the coming weeks...
January 16, 2017
Oil prices were unmoved
After reaching 56.50 dollars per barrel Brent rolled back to 55.50. The benchmark started Friday in a consolidation. Brent extended its sideways trades during the European session. The “black gold” was range-bound-to lower during the day...
January 16, 2017
XAUUSD at major resistance, time to sell
We turn bearish below 1198 resistance (Fibonacci retracement, horizontal resistance) as we prepare to see a strong move down to 1176 support (Fibonacci retracement, recent swing low support, Fibonacci projection)...

OctaFX Rating
FIBO Group Rating
 FXTM Rating
XTB Rating
Orbex Rating
Z.com Trade Rating

TopOption Rating
24option Rating
Grand Option Rating
TropicalTrade Rating
OptionBit Rating
IQ Option Rating