20 Aug 2013
Flash: What can we do with the GBP/USD? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The ongoing bullish momentum in the sterling found some tough barrier around 1.5680 on Tuesday, with the GBP/USD being rejected to the current area of 1.5665/70. The bull run since July trough around 1.4810 continues its firm march north, advancing for the third consecutive week and currently trading in multi-week highs.
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “is still expected to hit the uptrend channel resistance line at 1.5727, a rise above which will put the June peak at 1.5752 on the map. Just above it meanders the 200 week moving average at 1.5752 which is to act as resistance… GBP/USD will remain overall bid while trading above last week’s 1.5424 low”.
The Swiss bank UBS holds a bullish outlook on the pair. Strategists G.Yu and G.Berry commented, “The recent strength suggests there is scope for a test of important resistance at 1.5752 ahead of 1.5879. Support is at 1.5608 ahead of 1.5496”.
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “is still expected to hit the uptrend channel resistance line at 1.5727, a rise above which will put the June peak at 1.5752 on the map. Just above it meanders the 200 week moving average at 1.5752 which is to act as resistance… GBP/USD will remain overall bid while trading above last week’s 1.5424 low”.
The Swiss bank UBS holds a bullish outlook on the pair. Strategists G.Yu and G.Berry commented, “The recent strength suggests there is scope for a test of important resistance at 1.5752 ahead of 1.5879. Support is at 1.5608 ahead of 1.5496”.