FXStreet (Bali) - Thomas Anthonj, FX Strategist at JPMorgan, notes that a straight extension of the broader GBP rally is increasingly likely but not confirmed yet.



Key Quotes



"Having only marginally breached key-pivotal resistance at 1.7044/49 (2009 high/2005 low) in Cable so far we are still clinging on to our short trade as the risk of at least running into an intermediate setback to the first crucial T-zone between 1.6314 (minor 38.2 %) and 1.6198 (weekly breakout line) persists. A decisive break above 1.7049 (i.e.above 1.7100) would on the other hand call for a straight extension up to 1.7332 (50 5) if not to 1.7768 (C = A)."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Video: AUDUSD, GBPUSD and USDJPY Better Trade Options Than EURUSD

  2. Forex News

    BoE Policy Meeting Preview - Rabobank

  3. Forex News

    GBP/USD sinks to 1.5570

  4. Forex News

    GBP/USD off highs, near 1.5620

  5. Forex News

    Euro Faces Weekend Gap Risk with Greek Referendum Sunday

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!