GBP/USD: Growing risks of a deeper corrective phase - JPMorgan

By FXstreet.com | August 18, 2014 AAA

FXStreet (Bali) - Niall O'Connor, FX Strategist at JP Morgan, notes that there are growing risks that a deeper corrective phase in GBP/USD can develop given the recent pullback.



Key Quotes



"While most USD pairs are in line with the short term view for some pause, the recent pullback in GBP/USD suggests a growing risk that a deeper corrective phase can develop consistent with the developing bullish view for the USD. Sustained breaks of the 1.6694/64 support zone will be key as this area includes the May low and the 200-day moving average. Violations would put the focus on the next important target zone near the 1.6467 March low."



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation
    Forex News

    USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

  2. USD/JPY is dancing around 107.00
    Forex News

    USD/JPY is dancing around 107.00

  3. USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision
    Forex News

    USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

  4. NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades
    Forex News

    NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades

  5. EUR/USD sidelined above 1.2700
    Forex News

    EUR/USD sidelined above 1.2700

Trading Center