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GBP/USD gains might extend to 1.5200 levels – FXStreet

FXStreet (Barcelona) - Any further weakness in the dollar might lead GBP/USD to strengthen towards 1.5200 levels, notes Valeria Bednarik, Chief Analyst at FXStreet.

Key Quotes

“The GBP/USD pair traded as high as 1.5145, a fresh 1-month high in the European morning, boosted by market's optimism. Having found buyers on retracements towards the 1.5100 region, the pair accelerates north after tepid US data and trades at levels not seen since early March above 1.5160.”

“The 1 hour chart shows that following a limited correction from overbought levels, the technical indicators are heading strongly north in overbought levels whilst the price extends further above its 20 SMA.”

“In the 4 hours chart the technical indicators also head strongly north in overbought territory, with scope now to test the 1.5200 figure, should dollar decline extends.”

“Support levels: 1.5135 1.5100 1.5065”

“Resistance levels: 1.5165 1.5200 1.5240”

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