4 Sep 2013
Flash: Beware current GBP/USD rebounds - ANZ
FXstreet.com (Barcelona) - Tim Riddell, Head of Global Markets Research, Asia at ANZ comments that despite relatively solid GBP/USD price action over the past week, the underlying bias for frustrating range trading continues.
Key Quotes
“Current rebounds should struggle in front of 1.5600-10 and only a close above 1.5650 would suggest that further downside retracements - within the overall trading range - could be avoided, at least in the interim.”
“A close below 1.5500 is needed to trigger the next slide towards the 1.5250-60 area (interim 50%) if not 1.5000, as the frustrating range trading unfolds.”
Key Quotes
“Current rebounds should struggle in front of 1.5600-10 and only a close above 1.5650 would suggest that further downside retracements - within the overall trading range - could be avoided, at least in the interim.”
“A close below 1.5500 is needed to trigger the next slide towards the 1.5250-60 area (interim 50%) if not 1.5000, as the frustrating range trading unfolds.”