29 Nov 2013
Flash: GBP/USD targets 1.6380 - UOB Group
FXstreet.com (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group comments that strong upward GBP/USD momentum is suggesting that a break above the year’s high at 1.6380 is likely, the next significant resistance is some distance away at 1.6618
Key Quotes
“While the break of the very strong resistance at 1.6260 was expected, the sustained break above 1.6330 suggests that the year’s high at 1.6380 will likely come under pressure sooner than expected.”
“A clear move above 1.6380 could be critical as the next significant resistant is some distance away at 1.6618 (high in Aug 2011). Strong upward momentum is suggesting a break of 1.6380 is likely.”
“The immediate target is at the top of the rising channel at 1.6425/30. Solid support is at 1.6260 now but only a break below 1.6130 will indicate that the bullish view is wrong.”
Key Quotes
“While the break of the very strong resistance at 1.6260 was expected, the sustained break above 1.6330 suggests that the year’s high at 1.6380 will likely come under pressure sooner than expected.”
“A clear move above 1.6380 could be critical as the next significant resistant is some distance away at 1.6618 (high in Aug 2011). Strong upward momentum is suggesting a break of 1.6380 is likely.”
“The immediate target is at the top of the rising channel at 1.6425/30. Solid support is at 1.6260 now but only a break below 1.6130 will indicate that the bullish view is wrong.”