15 Jun 2015
GBP/USD above 1.5600 for the first time in 4 weeks
FXStreet (Barranquilla) - The British Pound is opening its second positive week in a row against the US Dollar as the GBP/USD rallied over 120 pips on the day from 1.5485 priced in Europe to break above 1.5600.
The GBP/USD is pricing above 1.5600 for the first time since May 22 as investors are selling the USD ahead FOMC meeting that will be placed on Wednesday.
Currently, GBP/USD is trading at 1.5602, up 0.26% on the day, having posted a daily high at 1.5610 and low at 1.5487. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
GBP/USD Forecast
Despite recent surge, the GBPUSD Forecast Poll says that "the GBP/USD is expected to resume the downtrend and head towards 1.5000 in the next month."
On the other hand, Richard Perry from Hantec Markets expects "to see a lower high below 1.5700 near term, whilst a range play is increasingly emerging over the medium term."
In the same line, Yohay Elam from ForexCrunch comments that a "better GDP supports the pound, but it could consolidate on a strong Fed."
GBP/USD levels
If the GBP/USD consolidates gains above 1.5600, it will find resistances at 1.5620, 1.5660 and 1.5680. To the downside, supports are at 1.5570, 1.5550 and 1.5490.
The GBP/USD is pricing above 1.5600 for the first time since May 22 as investors are selling the USD ahead FOMC meeting that will be placed on Wednesday.
Currently, GBP/USD is trading at 1.5602, up 0.26% on the day, having posted a daily high at 1.5610 and low at 1.5487. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
GBP/USD Forecast
Despite recent surge, the GBPUSD Forecast Poll says that "the GBP/USD is expected to resume the downtrend and head towards 1.5000 in the next month."
On the other hand, Richard Perry from Hantec Markets expects "to see a lower high below 1.5700 near term, whilst a range play is increasingly emerging over the medium term."
In the same line, Yohay Elam from ForexCrunch comments that a "better GDP supports the pound, but it could consolidate on a strong Fed."
GBP/USD levels
If the GBP/USD consolidates gains above 1.5600, it will find resistances at 1.5620, 1.5660 and 1.5680. To the downside, supports are at 1.5570, 1.5550 and 1.5490.