Forex Flash: 1.6070 should cap any GBP rally - RBS
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GBP/USD
FXstreet.com (San Francisco) - The Sterling has jumped to intra-day highs above 1.6025 against the US Dollar with the GBPUSD rising 0.16% so far today from opening price action to the current 1.6030. Despite the recent bullish movement, RBS's Technical Markets Strategist William Moore believes that "1.6070 should cap any GBP rally."
Moore points that "the 1.6070 level is pivotal and that is the fade level intraday," and in term of technical levels, placing stop at "1.6100 should be okay given that 1.6070 should cap any GBP rally."
"Other than that 1.6266 and 1.6306 are the big levels to look out for to the upside and the target at 1.5600," adds the RBS's analyst.
To RBS, supports are at 1.5951 and 1.5756. Resistance: 1.6071, 1.6261 and 1.6302/09.
Moore points that "the 1.6070 level is pivotal and that is the fade level intraday," and in term of technical levels, placing stop at "1.6100 should be okay given that 1.6070 should cap any GBP rally."
"Other than that 1.6266 and 1.6306 are the big levels to look out for to the upside and the target at 1.5600," adds the RBS's analyst.
To RBS, supports are at 1.5951 and 1.5756. Resistance: 1.6071, 1.6261 and 1.6302/09.
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