5 Feb 2014
GBP/USD faltering - ANZ
FXStreet (Barcelona) - Tim Riddell, Head of Global Markets Research, Asia, at ANZ, noted that GBP/USD is faltering.
Key Quotes
"Faltering within the “SELL” zone will have heightened attention on the potential roll in weekly momentum from recent high levels."
"Although a push back above 1.6475 could trigger squeeze to 1.6750, the possibility of a move to 1.7075 is much diminished and the recent 1.6670 high could mark a cycle high."
"Dips will be of increasing importance. Failure to hold 1.6235 should be seen as a warning, but a close below 1.6180 is needed to raise the counter profile of retracements of the rally off the 1.48’s."
"Although rising channel support was broken last month and the push back above 1.6500 proved short lived, critical uptrend support in the 1.6220-50 area remains intact."
"As noted, rebounds need to regain levels above 1.6475 to suggest that the uptrend can extend, but risks are now equally balanced towards the potential of deeper corrections of the rally from 1.4815."
"If rebounds falter in front of 1.6400 or slippage accelerates below 1.6220, bias will shift towards retracements to at least 1.5920 if not 1.5710 (50%)."
Key Quotes
"Faltering within the “SELL” zone will have heightened attention on the potential roll in weekly momentum from recent high levels."
"Although a push back above 1.6475 could trigger squeeze to 1.6750, the possibility of a move to 1.7075 is much diminished and the recent 1.6670 high could mark a cycle high."
"Dips will be of increasing importance. Failure to hold 1.6235 should be seen as a warning, but a close below 1.6180 is needed to raise the counter profile of retracements of the rally off the 1.48’s."
"Although rising channel support was broken last month and the push back above 1.6500 proved short lived, critical uptrend support in the 1.6220-50 area remains intact."
"As noted, rebounds need to regain levels above 1.6475 to suggest that the uptrend can extend, but risks are now equally balanced towards the potential of deeper corrections of the rally from 1.4815."
"If rebounds falter in front of 1.6400 or slippage accelerates below 1.6220, bias will shift towards retracements to at least 1.5920 if not 1.5710 (50%)."