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14 Apr 2015
GBP/USD might rise to 1.47 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes that GBP/USD sees a potential inverted head and shoulder formation, and might rise to 1.4700 if the pair sustains above 1.4645 levels.
Key Quotes
“On the hourly charts, we see an inverted head and shoulder formation under progress, with the neckline resistance currently seen at 1.47. We also see bullish RSI divergence on the daily chart.”
“Trading at 1.4656, the pair appears well supported at the hourly 50-MA located at 1.4645. In case the pair, manages to sustain above the same during the early European session, we could see GBP/USD rise to the neckline level of 1.47.”
“A break above the same opens doors for Inverted Head and Shoulder target of 1.4836.”
“However, the immediate gains are likely to be capped around 1.4736 (hourly 100-MA) -1.4750.”
“On the other hand, a break below 1.4634 could see the pair re-test 1.46-1.4564 levels.”
Key Quotes
“On the hourly charts, we see an inverted head and shoulder formation under progress, with the neckline resistance currently seen at 1.47. We also see bullish RSI divergence on the daily chart.”
“Trading at 1.4656, the pair appears well supported at the hourly 50-MA located at 1.4645. In case the pair, manages to sustain above the same during the early European session, we could see GBP/USD rise to the neckline level of 1.47.”
“A break above the same opens doors for Inverted Head and Shoulder target of 1.4836.”
“However, the immediate gains are likely to be capped around 1.4736 (hourly 100-MA) -1.4750.”
“On the other hand, a break below 1.4634 could see the pair re-test 1.46-1.4564 levels.”