1 May 2014
GBP/USD poised for an eventual touch of 1.70 - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSKies, suspects an eventual touch on the 'big figure' at 1.7000 in GBP/USD.
Key Quotes
"As discussed in our members commentary yesterday, the cable was forming a price action squeeze and pre-breakout structure continually printing higher lows and higher highs. Today the pair closed above the yearly highs at 1.6850, printing a high at 1.6900."
"There could be a pullback to shakeout some current longs, but unless we get a heavy sell-off, I'm suspecting higher prices and an eventual touch on the 'big figure' at 1.7000. Bulls not currently long can look for corrective pullbacks towards 1.6820/6800 and price action signals there to get long."
Key Quotes
"As discussed in our members commentary yesterday, the cable was forming a price action squeeze and pre-breakout structure continually printing higher lows and higher highs. Today the pair closed above the yearly highs at 1.6850, printing a high at 1.6900."
"There could be a pullback to shakeout some current longs, but unless we get a heavy sell-off, I'm suspecting higher prices and an eventual touch on the 'big figure' at 1.7000. Bulls not currently long can look for corrective pullbacks towards 1.6820/6800 and price action signals there to get long."