Forex Flash: Fade GBP/USD move towards 1.6300 into year end – RBS
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - William Moore, Technical Market Strategist at RBS has taken a look at GBPUSD from a technical perspective.
Moore notes that there is very little short term conviction or the run toward year end for the pair. He suggests that from a longer term perspective, the ceiling at 1.6306 will not be broken and if the markets were to trickle towards there over the next couple of weeks, it's a better entry level for short positions retaining downside targets at 1.5600 and 1.5300. However, on an intra-day perspective, 1.6131 should provide strong resistance and there is good support at 1.6070.
Moore notes that there is very little short term conviction or the run toward year end for the pair. He suggests that from a longer term perspective, the ceiling at 1.6306 will not be broken and if the markets were to trickle towards there over the next couple of weeks, it's a better entry level for short positions retaining downside targets at 1.5600 and 1.5300. However, on an intra-day perspective, 1.6131 should provide strong resistance and there is good support at 1.6070.
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