Forex Flash: Technically GBP/USD looks bullish – BBH
FXstreet.com (Barcelona) - Despite lagging behind the Euro, Marc Chandler of Brown Brothers Harriman notes that Sterling has also gained against the Greenback.
However, unlike EURUSD, Cable only closed once below the 200 MA while the Euro spent most of the month below it. Cable's 5 day MA has not yet crossed the 20 but looks poised to do so. Momentum and MACD indicators are constructive and the next technical hurdle can be seen around 1.6050 and if overcome could spur a further cent advance higher. He sees initial support around 1.5960 and the 1.5920.
However, unlike EURUSD, Cable only closed once below the 200 MA while the Euro spent most of the month below it. Cable's 5 day MA has not yet crossed the 20 but looks poised to do so. Momentum and MACD indicators are constructive and the next technical hurdle can be seen around 1.6050 and if overcome could spur a further cent advance higher. He sees initial support around 1.5960 and the 1.5920.
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