Forex Flash: Technically speaking, GBP/USD is bearish – Nomura
Forex pairs in this Article »
GBP/USD
Nomura Strategist Saeed Amen has taken a look at GBPUSD from a purely technical perspective.
Looking at a daily chart, Amen begins by noting that despite spot being higher on the week, he is retaining his bearish viewpoint. He writes, "RSI (14) looks to have peaked, suggesting we have reached a top. We also failed to break above the upper Bollinger band this week." With Bollinger bandwidth declining, he feels that it looks likely that spot will be range bound ahead. Henceforth, a retracement lower looks likely. His target is 1.6030 where the 55 SMA sits.
Looking at a daily chart, Amen begins by noting that despite spot being higher on the week, he is retaining his bearish viewpoint. He writes, "RSI (14) looks to have peaked, suggesting we have reached a top. We also failed to break above the upper Bollinger band this week." With Bollinger bandwidth declining, he feels that it looks likely that spot will be range bound ahead. Henceforth, a retracement lower looks likely. His target is 1.6030 where the 55 SMA sits.
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