27 Sep 2013
Flash: GBP/USD rally may falter at declining trendline - ANZ
FXstreet.com (Barcelona) - According to Tim Riddell, Head of FX Research at ANZ, the GBP/USD has limited room to appreciate further, based on the neutral profiled displayed on the monthly charts.
Key Quotes
"The monthly charts show just how neutral the long term profile for GBP/USD really is. Momentum indicators and price action remain firmly within broad consolidation ranges."
"The recent gaining of pace on the push above 1.5800 may raise interest in potential for breaking interim declining resistance, but, given the broader range profile, gains are likely to falter. The danger may be that the current push higher may falter in front of the declining resistance levels."
Key Quotes
"The monthly charts show just how neutral the long term profile for GBP/USD really is. Momentum indicators and price action remain firmly within broad consolidation ranges."
"The recent gaining of pace on the push above 1.5800 may raise interest in potential for breaking interim declining resistance, but, given the broader range profile, gains are likely to falter. The danger may be that the current push higher may falter in front of the declining resistance levels."