Forex Flash: Technically speaking, Cable is bearish - Nomura
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at GBPUSD from a purely technical perspective.
Amen notes that spot is down on the week and he is bearish in his outlook. Looking at a daily chart he sees that RSI (14) is continuing to fall, suggesting downside momentum has a little bit further to go. He adds, "With (Bollinger) bandwidth very low however, it is unlikely this move is a downward breakout. Hence our target is relatively close and we would expect a bounce from it. Our target is 1.6000 (below lower Bollinger band)."
Amen notes that spot is down on the week and he is bearish in his outlook. Looking at a daily chart he sees that RSI (14) is continuing to fall, suggesting downside momentum has a little bit further to go. He adds, "With (Bollinger) bandwidth very low however, it is unlikely this move is a downward breakout. Hence our target is relatively close and we would expect a bounce from it. Our target is 1.6000 (below lower Bollinger band)."
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