Forex: GBP/USD targets 1.6120 and 1.6045 - Charmer Charts
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GBP/USD
FXstreet.com (Barcelona) - Cable smashed lower once we lost 1.6330 and we came to rest at 1.6165. Overnight
small rallies were seen to 1.6227 but this was quickly dispatched and down we have come once more.
"We have now broken the 1.6165/60 support ans price is on its way for trendline support which is at 1.6119. This support may well hold the initial onslaught, but failure will leave the med term 50% fib level of 1.6046 exposed. Here we should see buyers coming back into the market and this coupled with profit taking should be enough to hold the decline" said Carol Harmer from Charmer Charts.
"Although I think Cable will trade lower overall I expect 1.6046/40 to hold and for a rally back to 1.6285 over the next few sessions. If we hold 1.6160 look for 1.6285/1.6330 and here is where we go back into short positions" she added.
small rallies were seen to 1.6227 but this was quickly dispatched and down we have come once more.
"We have now broken the 1.6165/60 support ans price is on its way for trendline support which is at 1.6119. This support may well hold the initial onslaught, but failure will leave the med term 50% fib level of 1.6046 exposed. Here we should see buyers coming back into the market and this coupled with profit taking should be enough to hold the decline" said Carol Harmer from Charmer Charts.
"Although I think Cable will trade lower overall I expect 1.6046/40 to hold and for a rally back to 1.6285 over the next few sessions. If we hold 1.6160 look for 1.6285/1.6330 and here is where we go back into short positions" she added.
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