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31 Mar 2015
Long GBP/USD, target 1.5000 – GrowthAces
FXStreet (Barcelona) - With GBP/USD pressured by election uncertainty, the Growth Aces Research Team remains bullish on the pair, expecting a soft US NFP to push the pair higher towards 1.5000 levels.
Key Quotes
“The GBP is weakening against the USD despite good Britain’s GDP data. However, the GBP appreciated against the EUR after the release and the EUR/GBP fell to a low of 0.7256.”
“The GBP is still under pressure of political uncertainty. Britain holds a parliamentary election on May 7 and the latest opinion polls point to a hung parliament in which no single party can form a government on its own.”
“A broad USD strength poses a risk to our long GBP/USD position. However, we stay long. The target is likely to be achieved in case of weaker U.S. non-farm payrolls on Friday.”
“Resistance: 1.4817 (hourly high Mar 31), 1.4901 (high Mar 30), 1.4923 (high Mar 27)”
“Support: 1.4752 (low Mar 30), 1.4722 (low Mar 20), 1.4689 (low Mar 19)”
“GBP/USD: long at 1.4820, target 1.5000, stop-loss 1.4740, risk factor ***”
Key Quotes
“The GBP is weakening against the USD despite good Britain’s GDP data. However, the GBP appreciated against the EUR after the release and the EUR/GBP fell to a low of 0.7256.”
“The GBP is still under pressure of political uncertainty. Britain holds a parliamentary election on May 7 and the latest opinion polls point to a hung parliament in which no single party can form a government on its own.”
“A broad USD strength poses a risk to our long GBP/USD position. However, we stay long. The target is likely to be achieved in case of weaker U.S. non-farm payrolls on Friday.”
“Resistance: 1.4817 (hourly high Mar 31), 1.4901 (high Mar 30), 1.4923 (high Mar 27)”
“Support: 1.4752 (low Mar 30), 1.4722 (low Mar 20), 1.4689 (low Mar 19)”
“GBP/USD: long at 1.4820, target 1.5000, stop-loss 1.4740, risk factor ***”