Forex Flash: GBP/USD looks technically bearish – Nomura
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GBP/USD
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen takes a look at GBPUSD from a purely technical perspective.
He starts, noting that spot is higher on the week but he is holding tight with his bearish outlook. His target for the week is 1.6200, the psychologically round key level below. Amen notes that RSI (14) slipped from overbought, indicating that spot has reached a top. Bollinger bandwidth expansion is also not significant, suggesting that spot is likely to remain range bound rather than breakout. He writes, "Spot has also failed to break higher through the upper Bollinger band."
He starts, noting that spot is higher on the week but he is holding tight with his bearish outlook. His target for the week is 1.6200, the psychologically round key level below. Amen notes that RSI (14) slipped from overbought, indicating that spot has reached a top. Bollinger bandwidth expansion is also not significant, suggesting that spot is likely to remain range bound rather than breakout. He writes, "Spot has also failed to break higher through the upper Bollinger band."
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