19 Jun 2015
GBP/USD poised to test 1.62/1.63 – SG
FXStreet (Barcelona) - The Technical Analysis team at Societe Generale, sees upside potential for GBP/USD towards 1.62/1.63 area and even 1.6430.
Key Quotes
“GBP/USD is extending the phase of recovery after testing the support from a nearly horizontal channel in April. The pair subsequently broke above a steep descending channel and has now also crossed above last month’s highs.”
“Currently, the pair is testing an upward trend line resistance at 1.5950. With daily indicators close to a resistance, a pullback is not ruled out. However, this should be temporary and eventually the GBP/USD looks poised to head higher towards 1.62/1.63, the 61.8% retracement since last July, and probably even towards 1.6430, the projected target for the c wave.”
Key Quotes
“GBP/USD is extending the phase of recovery after testing the support from a nearly horizontal channel in April. The pair subsequently broke above a steep descending channel and has now also crossed above last month’s highs.”
“Currently, the pair is testing an upward trend line resistance at 1.5950. With daily indicators close to a resistance, a pullback is not ruled out. However, this should be temporary and eventually the GBP/USD looks poised to head higher towards 1.62/1.63, the 61.8% retracement since last July, and probably even towards 1.6430, the projected target for the c wave.”