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

Related Forex Analysis
  1. Forex News

    GBP/USD keeps the range – FXStreet

  2. Forex News

    GBP/USD finds support ahead of 1.5600

  3. Forex News

    GBP/USD at day’s low as UK public sector net borrowing rises

  4. Investing

    GBP/USD Bounces During Last Session

  5. Forex News

    GBP/USD might retest 1.5545/30 levels – Commerzbank

Trading Center