2 Dec 2013
Flash: GBP/USD, if 1.64/6425 absorbed, potential into 1.70/1.73 - BBH
FXstreet.com (Barcelona) - GBP/USD is successfully absorbing $1.6400-25 offers, an area of utmost importance, according to Marc Chandler, Global Head of Currency Strategy at BBH.
Key Quotes
"It is where the long-term trend line drawn off the 2009 high near $1.70 and the 2011 high near $1.6750 intersects. It is also a retracement objective of the decline since from the 2007 high near $2.1150."
"If offers in this area are successfully absorbed, technically potential may extend into the $1.70-$1.73 area. Support is likely what appeared to be a double top in October near $1.6260."
Key Quotes
"It is where the long-term trend line drawn off the 2009 high near $1.70 and the 2011 high near $1.6750 intersects. It is also a retracement objective of the decline since from the 2007 high near $2.1150."
"If offers in this area are successfully absorbed, technically potential may extend into the $1.70-$1.73 area. Support is likely what appeared to be a double top in October near $1.6260."