24 May 2013
Flash: GBP/USD sees potential for downside stretch - Societe Generale
FXstreet.com (Barcelona) - Societe Generale analysts believe that a decisive daily close below for 1.5015 for GBP/USD, would stretch the correction to 1.4830/70.
They note that the pair hit the two year descending channel support at 1.4870 and started to retrace the steep correction of January to March. They write, “1.5590/1.5603 remains a strong resistance, break above which would take the pair to 1.5790. For the day, a decisive daily close below 1.5015 would stretch the correction to the March lows of 1.4830/70.”
They note that the pair hit the two year descending channel support at 1.4870 and started to retrace the steep correction of January to March. They write, “1.5590/1.5603 remains a strong resistance, break above which would take the pair to 1.5790. For the day, a decisive daily close below 1.5015 would stretch the correction to the March lows of 1.4830/70.”