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Trading news
24 Apr 2015
GBP/USD traders still betting bullish in the short-term – InvestingBetter
FXStreet (Barcelona) - Alpesh Patel of InvestingBetter comments on the GBP/USD price action, and further notes that the short-term bullish sentiments for Cable remains intact, while the medium-term bearish outlook points lower.
Key Quotes
“A surprising performance from the Cable yesterday when the Retail Sales report was made public. The consumer report revealed that demand declined over the past month against expectations for a moderate rise but this didn’t seem to affect the Cable at all. The UK currency initially tried to break below the 1.5000 support floor but remained afloat and by the end of the day was trading between the 1.5000 and 1.5100 levels.”
“Quite a resilient reaction from the Cable that shows that traders are still backing the currency to do well in the short term.”
“We still believe that the more medium term bias is pointing lower and based on the lack of any other UK-related reports we should see a further consolidation between 1.5000 and 1.5100 until the end of the trading week.”
Key Quotes
“A surprising performance from the Cable yesterday when the Retail Sales report was made public. The consumer report revealed that demand declined over the past month against expectations for a moderate rise but this didn’t seem to affect the Cable at all. The UK currency initially tried to break below the 1.5000 support floor but remained afloat and by the end of the day was trading between the 1.5000 and 1.5100 levels.”
“Quite a resilient reaction from the Cable that shows that traders are still backing the currency to do well in the short term.”
“We still believe that the more medium term bias is pointing lower and based on the lack of any other UK-related reports we should see a further consolidation between 1.5000 and 1.5100 until the end of the trading week.”