GBP/USD: Looking to buy at 1.7060-6975 - 2ndSkies

By FXstreet.com | July 06, 2014 AAA

FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, maintains a bullish tone in GBP/USD, looking to get long in buy support zone around 1.7060 - 1.6975.



Key Quotes



The cable consolidated over the last few days near the highs forming a daily pin bar on Thursday, then chopping around on Friday which was a low volume day due to the July 4th holiday and US markets being closed. The daily pin bar shows buyers are still in control and willing to buy dips intra-day even at such high prices. This all paints a picture of the pair climbing higher in the coming week.



For now, we are maintaining a bullish bias and will look to get long in our buy support zone around 1.7060 - 1.6975. Upside targets would be the 1.7160 current highs, and an eventual move to 1.7250 and 1.7475.



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