Forex Flash: Watch for break of GBP/USD 1.6000 for accelerated downside – RBS
FXstreet.com (Barcelona) - William Moore, Technical Markets Strategist at RBS has taken a look at GBPUSD from a technical perspective.
Moore starts by noting that just like in EURUSD, there is a head and shoulders formation forming in the short term chart, emphasising the importance of the support level around 1.6000/18 holding in the short term. He feels that if it were to break and the market began feasting on the stops beneath there may be a run down to 1.5881. He writes, "Stop losses can be positioned above the recent high at 1.6134 at 1.6150 and the position added to should 1.6000 be broken."
Moore starts by noting that just like in EURUSD, there is a head and shoulders formation forming in the short term chart, emphasising the importance of the support level around 1.6000/18 holding in the short term. He feels that if it were to break and the market began feasting on the stops beneath there may be a run down to 1.5881. He writes, "Stop losses can be positioned above the recent high at 1.6134 at 1.6150 and the position added to should 1.6000 be broken."
Free Annual Reports
