20 Jan 2014
Flash: GBP/USD pullbacks were contained, uptrend persists - ANZ
FXstreet.com (Barcelona) - Tim Riddell, Head of Global Markets Research, Asia at ANZ notes that the GBP/USD uptrend remains very much intact.
Key Quotes
“As noted, price action off 1.6605 has been very contained, forming an interim consolidation rather than signalling a top despite the roll in daily momentum.”
“Risks of a secondary bout of consolidation remain (given the break of rising support) but a push above 1.6550 would reduce that risk and suggest further measured moves to 1.6750-60, possibly even 1.7045.”
“A break of the 1.6225-60 zone would be needed to reduce the bias for extending recent gains.”
Key Quotes
“As noted, price action off 1.6605 has been very contained, forming an interim consolidation rather than signalling a top despite the roll in daily momentum.”
“Risks of a secondary bout of consolidation remain (given the break of rising support) but a push above 1.6550 would reduce that risk and suggest further measured moves to 1.6750-60, possibly even 1.7045.”
“A break of the 1.6225-60 zone would be needed to reduce the bias for extending recent gains.”