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GBP/USD bulls remain in control – FXStreet
FXStreet (Guatemala) – Valeria Bednarik, chief analyst FXStreet explained that GBP/USD has closed the day a handful of pips below its daily opening, having however, fell down to 1.5559 during the European morning.
Key Quotes:
“There was no catalyst behind the intraday decline beyond dollar’s broad strength and the Pound managed to recover ground, despite the UK´s Conference Board Leading Economic Index declined 0.4% in May, weighed by a large drop in consumer confidence.”
“The bullish trend remains firm in place, and the 1 hour chart shows that the price is now aiming to advance above a mild bearish 20 SMA, whilst the technical indicators present a limited upward slope, approaching now their mid-lines. In the 4 hours chart, the price is well above its 20 SMA, whilst the Momentum indicator has turned lower, but remains above the 100 level, and the RSI indicator is recovering its bullish tone, advancing around 56. As long as the price holds above 1.5590, the 23.6% retracement of the latest bullish run, the upside remains favored, eyeing an approach to the 1.5710/20 price zone for this Friday.”
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Source: FXStreet
