Forex Flash: GBP/USD - Sell the top of the bear channel – RBS
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - William Moore, Technical Markets Strategist for RBS has taken a look at GBPUSD from a purely technical perspective.
He writes, "As the market sits at the top of the range I think this is a good place to be short GBPUSD; the downside target level is the previous low at 1.5840". He notes false breaks in the GBPUSD bearish channel before, most recently on the 1st of November. When that occurred there was a bearish reversal doji pattern while yesterday's candle pattern was a hammer, rather than a doji, whilst not as clear as the doji, it is a reversal pattern nonetheless. Moore recommends placing stops on a close above yesterday's 1.6080 and targeting 1.5916 and 1.5840. He sees support and resistance at 1.5876/1.5756 and 1.5980/1.6011 respectively.
He writes, "As the market sits at the top of the range I think this is a good place to be short GBPUSD; the downside target level is the previous low at 1.5840". He notes false breaks in the GBPUSD bearish channel before, most recently on the 1st of November. When that occurred there was a bearish reversal doji pattern while yesterday's candle pattern was a hammer, rather than a doji, whilst not as clear as the doji, it is a reversal pattern nonetheless. Moore recommends placing stops on a close above yesterday's 1.6080 and targeting 1.5916 and 1.5840. He sees support and resistance at 1.5876/1.5756 and 1.5980/1.6011 respectively.
Free Annual Reports
http://sp.fastclick.net/ad/tr/10858-64082-15546-0?mpt=4ef586b5849fb13777a1ea280f8e2d04
