7 May 2014
GBP/USD: Buying on pullbacks favoured - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, recommends that since the trend in GBP/USD is firmly up, buying on corrective pullbacks is still favoured, targeting 1.70.
Key Quotes
"In our May 1st commentary, we offered up a buy signal at 1.6820 as we felt trading with the trend was still the play, and we had our level. Sure enough, the market fell back to our level to the pip, then found buyers."
"As you can see from the GBP/USD chart, buyers accumulated just above 1.6850 before launching the pair higher today, coming a hair just below our 1.7000 target."
"For now, the trend is still up, so we’ll consider buying on corrective pullbacks to around 1.6900 targeting the ‘big figure’ above. Above here, the next level is 1.7075 from the 2006 swing lows."
Key Quotes
"In our May 1st commentary, we offered up a buy signal at 1.6820 as we felt trading with the trend was still the play, and we had our level. Sure enough, the market fell back to our level to the pip, then found buyers."
"As you can see from the GBP/USD chart, buyers accumulated just above 1.6850 before launching the pair higher today, coming a hair just below our 1.7000 target."
"For now, the trend is still up, so we’ll consider buying on corrective pullbacks to around 1.6900 targeting the ‘big figure’ above. Above here, the next level is 1.7075 from the 2006 swing lows."