Forex Flash: GBP/USD downside projected – RBS
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - According to Technical Markets Strategist William Moore at RBS, "Friday's GBPUSD price action reminded us why we need to keep the wider stops in pair; 1.6302 looks to be very strong resistance indeed and the support level to break is 1.6071."
With respect to this trend, "downside levels lay at the level of 1.6070, which is the 61.8% retracement of the August - September rally. A movement down towards the 1.5950 level, which is the lower Bollinger band and the 38.2% retracement of the same range seems likely. Finally, a stop through 1.6330 gives us a seemingly undeterred path to 1.6302 a chance to resist GBP advances." Moore warns.
With respect to this trend, "downside levels lay at the level of 1.6070, which is the 61.8% retracement of the August - September rally. A movement down towards the 1.5950 level, which is the lower Bollinger band and the 38.2% retracement of the same range seems likely. Finally, a stop through 1.6330 gives us a seemingly undeterred path to 1.6302 a chance to resist GBP advances." Moore warns.
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