22 Jul 2014
GBP/USD: Well positioned to extend further up - JPMorgan
FXStreet (Bali) - The broader GBP/USD up-trend could extend further before the next resistance barrier is reached, notes Thomas Anthonj, FX Strategist at JP Morgan Securities.
Key Quotes
"With the decisive break above key-pivotal resistance at 1.7044/49 (2009 high/2005 low) in Cable last month, the market shook off the immediate setback risk and opened additional upside potential towards the next higher resistance barriers at 1.7332 (50 %/monthly Ichimoku- lagging) and at 1.7768 (C = A)."
"Only a decisive hourly close below 1.7003 (minor 38.2 %, i.e. below 1.6980) would start weakening this bullish outlook in favor of a broader setback to 1.6394 (int. 38.2 % on higher scale) if not to 1.6185 (weekly breakout line)."
Key Quotes
"With the decisive break above key-pivotal resistance at 1.7044/49 (2009 high/2005 low) in Cable last month, the market shook off the immediate setback risk and opened additional upside potential towards the next higher resistance barriers at 1.7332 (50 %/monthly Ichimoku- lagging) and at 1.7768 (C = A)."
"Only a decisive hourly close below 1.7003 (minor 38.2 %, i.e. below 1.6980) would start weakening this bullish outlook in favor of a broader setback to 1.6394 (int. 38.2 % on higher scale) if not to 1.6185 (weekly breakout line)."