24 Jun 2014
GBP/USD: Break above 1.7049 sees extension to 1.73 - JPMorgan
FXStreet (Bali) - Thomas Anthonj, FX Strategist at JPMorgan, notes that a straight extension of the broader GBP rally is increasingly likely but not confirmed yet.
Key Quotes
"Having only marginally breached key-pivotal resistance at 1.7044/49 (2009 high/2005 low) in Cable so far we are still clinging on to our short trade as the risk of at least running into an intermediate setback to the first crucial T-zone between 1.6314 (minor 38.2 %) and 1.6198 (weekly breakout line) persists. A decisive break above 1.7049 (i.e.above 1.7100) would on the other hand call for a straight extension up to 1.7332 (50 5) if not to 1.7768 (C = A)."
Key Quotes
"Having only marginally breached key-pivotal resistance at 1.7044/49 (2009 high/2005 low) in Cable so far we are still clinging on to our short trade as the risk of at least running into an intermediate setback to the first crucial T-zone between 1.6314 (minor 38.2 %) and 1.6198 (weekly breakout line) persists. A decisive break above 1.7049 (i.e.above 1.7100) would on the other hand call for a straight extension up to 1.7332 (50 5) if not to 1.7768 (C = A)."