5 Dec 2013
GBP/USD: If upside clears, next target 1.65/66 - 2ndSkies
FXstreet.com (Bali) - GBPUSD has entered a period of consolidation/re-distribution following the breakout of 1.6250/60 critical resistance, notes Chris Capre, Founder at 2ndSkies.
According to Chris, "the 'lines in the sand' are marked with 1.6321 being downside support and 1.6436 being upside resistance."
Technically, "traders can look to play the range on corrective moves into the levels, while watching for a break", Chris said.
Chris supports the idea of playing longs for now, noting "if the topside level clears, we'll look to get long, targeting the big figure at 1.6500 and 1.6600 which is the Aug. 2011 highs."
According to Chris, "the 'lines in the sand' are marked with 1.6321 being downside support and 1.6436 being upside resistance."
Technically, "traders can look to play the range on corrective moves into the levels, while watching for a break", Chris said.
Chris supports the idea of playing longs for now, noting "if the topside level clears, we'll look to get long, targeting the big figure at 1.6500 and 1.6600 which is the Aug. 2011 highs."