The British pound had an upward movement after the publication of the UK's GDP. It grew by 0.3% in the first quarter, more than modest but managed to avoid a major recession, and the British pound jumped immediately, reaching its maximum, so far, from 20 February. Looking at the graph I have no reason to consider that the pound will rise more, probably rising a few pips above, but a prolonged fall is expected to the level of 1.50, because the Momentum Indicator is in negative zone and the moving average of the MACD is already very overbought, which is suggestive of a decrease in the next few days. Therefore, we recommend selling in the current price level 1.5461, or if the pair reaches the area of 1.55, the psychological level, we can sell this pair with objectives to 1.5280.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
