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24/04 GBPUSD breached past 1.5150 resistance level

24/04 GBPUSD breached past 1.5150 resistance level

270415 GbpUsd Weekly

GBPUSD breached past 1.5150 resistance level despite continued jitters around the market ahead of the UK election in two weeks. Closing above the upper resistance band (on the weekly chart) to peaked the week at 1.5180, the Sterling bull was largely driven by U.S. dollar weakness. Given the significant rally observed, should the dollar continues to fall next week, GBPUSD could continue to trend higher. With that in mind, trading above the aforesaid resistance could see the British pound accelerate past the psychological resistance at 1.5200.

270415 GbpUsd Daily

Bolstered on by the less dovish Bank of England minutes on Thursday, GBPUSD has continued to rise and breached past the 50.0% Fibonacci resistance level. Printing at five week highs on the last trading day of the week, the latest move had Sterling stopping short of the 100-days EMA and the 1.5200 resistance level. While prices grinds nearer to the resistance level, the upcoming U.K. election pose more upside than downside risk for the currency pair. Despite the significant rally, risk of a consolidation could be on the dock with a reversal below 1.5100 achieving more downside action.

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270415 GbpUsd H4

Trading along an uptrend, prices may be expected to continue in case to rises above the 161.80% Fibonacci Extension. In confluence, Stochastic Oscillator has rises above the overbought region. Nonetheless, the British pound do remains vulnerable to breaks as Q1 GDP report is due for release this week. With that in mind, entering long from a risk reward perspective might bring its risk.

Trend Direction
 S3
S2
S1
R1
R2
 R3
 
Slightly Bullish 1.5030 1.5080 1.5130 1.5220 1.5270 1.5320

 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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