3 Feb 2015
GBP/USD finds support in rallying oil – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares that rising oil prices is providing some support to GBP/USD, with the pair expected to move towards 1.5100 price zone on a break above resistance around 1.5040/60 area.
Key Quotes
“Oil price accelerating towards $ 51.00 a barrel and posting fresh 3-week's highs is however giving some support to the pair, that recovered up to current 1.5030 price zone.”
“Technically, the pair maintains a bearish tone as the 4 hours chart shows that the price develops below a bearish 20 SMA, whilst indicators remain in negative territory.”
“Renewed selling interest below the 1.5000 figure should lead to a continued decline towards 1.4950, January low, while if this last gives up, 1.4920 comes next.”
“To the upside, 1.5040/60 area is the resistance level to follow, as only some steady gains above it should see the pair advancing up to the 1.5100 price zone.”
Key Quotes
“Oil price accelerating towards $ 51.00 a barrel and posting fresh 3-week's highs is however giving some support to the pair, that recovered up to current 1.5030 price zone.”
“Technically, the pair maintains a bearish tone as the 4 hours chart shows that the price develops below a bearish 20 SMA, whilst indicators remain in negative territory.”
“Renewed selling interest below the 1.5000 figure should lead to a continued decline towards 1.4950, January low, while if this last gives up, 1.4920 comes next.”
“To the upside, 1.5040/60 area is the resistance level to follow, as only some steady gains above it should see the pair advancing up to the 1.5100 price zone.”