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15 May 2015
Remain long on GBP/USD, targeting 1.5880 – Growth Aces
FXStreet (Barcelona) - Expecting UK April CPI to edge higher to 0.1%, the Growth Aces Research Team, maintains a bullish outlook on the pair.
Key Quotes
“The GBP/USD edged away from a five-and-a-half-month high on Friday after a post-election rally. Adding to its election-inspired rally, the GBP was also boosted earlier in the week by data that showed British earnings growth had picked up more than expected in the first quarter of the year. The market has been concentrating mainly on positive news for the GBP recently. The losses after slightly more-dovish-than-expected BoE Inflation Report were short-lived.”
“The next significant data will be April CPI reading on Tuesday. We expect CPI to accelerate to 0.1% yoy from 0.0% yoy in March.”
“We are looking to buy GBP/USD at 1.5610, just above 200-dma (1.5608). The 50% fibo of the July 2014-April 2015 slide at 1.5880 will be the next bull target.”
“Resistance: 1.5815 (high May 14), 1.5826 (high Nov 27, 2014), 1.5880 (50% of 1.7192-1.4567)”
“Support: 1.5711 (hourly low May 13), 1.5608 (200-dma), 1.5558 (low May 12)”
Key Quotes
“The GBP/USD edged away from a five-and-a-half-month high on Friday after a post-election rally. Adding to its election-inspired rally, the GBP was also boosted earlier in the week by data that showed British earnings growth had picked up more than expected in the first quarter of the year. The market has been concentrating mainly on positive news for the GBP recently. The losses after slightly more-dovish-than-expected BoE Inflation Report were short-lived.”
“The next significant data will be April CPI reading on Tuesday. We expect CPI to accelerate to 0.1% yoy from 0.0% yoy in March.”
“We are looking to buy GBP/USD at 1.5610, just above 200-dma (1.5608). The 50% fibo of the July 2014-April 2015 slide at 1.5880 will be the next bull target.”
“Resistance: 1.5815 (high May 14), 1.5826 (high Nov 27, 2014), 1.5880 (50% of 1.7192-1.4567)”
“Support: 1.5711 (hourly low May 13), 1.5608 (200-dma), 1.5558 (low May 12)”