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22 May 2015
GBP/USD: remains a buy on dips for 1.5724 – AceTrader
FXStreet (Barcelona) - The AceTrader Team maintains a buy on dips approach on GBP/USD, expecting the pair to register gains towards 1.5724 levels.
Key Quotes
“Looking at the bigger picture, despite last week's post-U.K. election relief rally to a 5-month peak of 1.5815 (Thur), subsequent sell off to 1.5445 signals the MT strg upmove fm Apr's near 5-year trough at 1.4566 has indeed made a top there, however, y'day's rally to 1.5700 suggests 1st leg of decline fm 1.5815 has ended there n as long as 1.5588 (prev. res, now sup) holds, marginal gain to 1.5724 (1.618 times ext. of 1.5445-1.5588 measured fm 1.5493) is likely, however, as broad outlook remains consolidative, price shud falter well below 1.5815 res n yield another leg of decline later next week.”
“On the downside, below 1.5525 signals recovery over n bring re-test of 1.5445, break wud yield retracement of the rally fm Apr's low at 1.4566 to 1.5338 (38.2% r).”
“Today, as current price is trading abv 21-hr & 55-hr emas, suggesting buying cable on dips is favoured n only below 1.5600 signals top is made, 1.5573.”
Key Quotes
“Looking at the bigger picture, despite last week's post-U.K. election relief rally to a 5-month peak of 1.5815 (Thur), subsequent sell off to 1.5445 signals the MT strg upmove fm Apr's near 5-year trough at 1.4566 has indeed made a top there, however, y'day's rally to 1.5700 suggests 1st leg of decline fm 1.5815 has ended there n as long as 1.5588 (prev. res, now sup) holds, marginal gain to 1.5724 (1.618 times ext. of 1.5445-1.5588 measured fm 1.5493) is likely, however, as broad outlook remains consolidative, price shud falter well below 1.5815 res n yield another leg of decline later next week.”
“On the downside, below 1.5525 signals recovery over n bring re-test of 1.5445, break wud yield retracement of the rally fm Apr's low at 1.4566 to 1.5338 (38.2% r).”
“Today, as current price is trading abv 21-hr & 55-hr emas, suggesting buying cable on dips is favoured n only below 1.5600 signals top is made, 1.5573.”