Forex Flash: GBP/USD significant support broken – RBS
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GBP/USD
FXstreet.com (Barcelona) - According to Technical Markets Strategist William Moore at RBS, it was significant day yesterday for the GBPUSD as the trend line of support that had been propping up price action since June 2012 was broken through the 1.6041 level."
"This implies two things; the first that this morphs into a good fade level if the market manages to rally back there today and the second is that the bias turns heavy down to the potential supports/targets at 1.5829 & 1.5606. As such, stops can be fairly tight on a weekly close above 1.6041 or a one touch at 1.6170."
"This implies two things; the first that this morphs into a good fade level if the market manages to rally back there today and the second is that the bias turns heavy down to the potential supports/targets at 1.5829 & 1.5606. As such, stops can be fairly tight on a weekly close above 1.6041 or a one touch at 1.6170."
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