GBP/USD: Break above 1.7049 sees extension to 1.73 - JPMorgan

By FXstreet.com | Updated July 30, 2014 AAA

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

    Double Top reversal in GBP/USD hourly chart – FXStreet

  2. Forex News

    GBP/USD bullish above 1.5265 – Varengold

  3. Forex News

    GBP/USD consolidates above 20-DMA, awaits fresh incentives

  4. Forex News

    GBP/USD Technical Analysis: Digestion Below 1.53 Continues

  5. Forex News

    GBP: Fed volatility within 50 pip range, scores ground on 1.52 handle

Trading Center