18 May 2015
GBP/USD sideways around S1; ready to attack 1.5700
FXStreet (Cocoa) - The British Pound seems ready to attack the 1.5700 level against the US Dollar as the pair completed an European morning plenty of sideways around 1.5680, today's S1.
Currently, GBP/USD is trading at 1.5700, down 0.18% on the day, having posted a daily high at 1.5749 and low at 1.5651. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
GBP/USD forecast
According to the FXStreet GBP/USD forecast poll, "GBP/USD contained below 1.6000, poised to return to 1.5000." the FXpoll says that "banks are far more bearish than traders, forecasting sub 1.50 levels, weighting on the average sentiment."
On one side, Analyst at Admiral Markets Anil Panchal, comments that a "sustained break of 200-day SMA, coupled with strong UK numbers supports pair's 1.6000 re-test."
However, Analyst at ForexCrunch Yohay Elam commented that "the pound's run has been quicker than expected and consolidation could be seen now."
British Pound to US Dollar levels
If the pair extends recovery above 1.5700, it will find resistances at 1.5710, 1.5745 and 1.5790. To the downside, supports are at 1.5660, 1.5630 and 1.5565.
Currently, GBP/USD is trading at 1.5700, down 0.18% on the day, having posted a daily high at 1.5749 and low at 1.5651. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
GBP/USD forecast
According to the FXStreet GBP/USD forecast poll, "GBP/USD contained below 1.6000, poised to return to 1.5000." the FXpoll says that "banks are far more bearish than traders, forecasting sub 1.50 levels, weighting on the average sentiment."
On one side, Analyst at Admiral Markets Anil Panchal, comments that a "sustained break of 200-day SMA, coupled with strong UK numbers supports pair's 1.6000 re-test."
However, Analyst at ForexCrunch Yohay Elam commented that "the pound's run has been quicker than expected and consolidation could be seen now."
British Pound to US Dollar levels
If the pair extends recovery above 1.5700, it will find resistances at 1.5710, 1.5745 and 1.5790. To the downside, supports are at 1.5660, 1.5630 and 1.5565.