GBP/USD Proceeds Higher With Strong Momentum
Admirals | May 26, 2016 07:12AM ET
Our previous GBP/USD predictions came true, though after a bigger pullback and the pair has made a strong bounce to the upside. Again, fears of Brexit diminished and the pound has been bought on dips.
Today's Second Estimate GDP came as expected and it is important because it measures a change in the inflation-adjusted value of all goods and services produced by the economy. Technically GBP/USD has made a form of ascending scallop pattern. POC (DPP, L3, 61.8, double top breakout) comes within 1.4660-70 zone and pullbacks toward the zone could be used for long trades. The targets are 1.4740 and 1.4770. If the pair breaks 1.4770 with a strong momentum or we see a 4h close above it, next target is 1.4825.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.