Bullish Trend Continues Pushing Pound Up Against USD
ICN.com | Jun 23, 2016 04:51AM ET
GBP/USD
The bullish trend continued pushing up the pound against the US dollar as expected; moreover, trading stabilized above the 1.4740 level; and stability above this level may be a reason for an extension for the upside wave.
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RSI is positive, as the ADX index shows us growing strength of the bullish trend. We add to that moving averages are positive and these conditions supportive of the positivity today. Initially target price resists at 1.4935, while breaking up this level will stimulate other up waves. Steady trading above 1.4655 is required to prove the positive intraday. Off note, we do not rule out the high volatility due to waiting for the results of British vote (Brexit).
- Support: 1.4735 – 1.4655 – 1.4585
- Resistance: 1.4835 – 1.4935 – 1.5000
Direction: positive above 1.4735, targeting 1.4935 and 1.5000, as long as trading above 1.4655
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EUR/USD
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Euro rose against the US dollar approaching 1.1355-resistance level again; and this level will be the key resistance during trading today.
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Any trading above 1.1295 will considered positive, but as we pointed out, breaking through 1.1355 resistance will be important to prove positivity. RSI indicator showing positivity, while trading above the moving averages is supportive of the extension of up wave. However, we must point out that we do not rule out a large fluctuation due to waiting for British referendum (Brexit).
- Support: 1.1160 – 1.1215 – 1.1295
- Resistance: 1.1505 –1.1415 – 1.1355
Direction: positive above 1.1295, targeting 1.1400 and 1.1505, as long as trading above 1.1200
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