GBP/USD forecast for June 16, 2015

June 16, 2015

General overview

The debt market dynamics shows the British pound strong overvaluation. The UK bond yields are declining relative to their US counterparts which is a bearish factor for the pair. The Germany and the UK bond yields points out to the EUR/GBP corrective movement development which may also put pressure on the GBP/USD.

The British pound strengthened against the US dollar, having broken through on its way the resistance level of 1.5550. The level breakthrough will provide a good signal for the upward trend continuation in the long term.

The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is at 1.5775.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.

The MACD histogram is in a positive territory. The price is increasing.

Trading recommendations

We believe the growth will be continued now. The first target is the level 1.5670.

Publication source
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