GBP/USD Eyes 1.6500 On The Way To Target 1.6617
Steve Miley | Dec 02, 2013 04:21AM ET
GBP/USD eyes 1.6500 on the way to target 1.6617 and 1.6745 into year-end
- Another new recovery high to end the week and month (and to start this week) to push above the 2013 high at 1.6382 for a new high for the year and to reinforce the prior break through 1.6255/60 Oct peaks.
- Given the better recovery tone from mid-Nov (which signalled the break below 1.5895 as a head fake Double Top), the threat is now for a significant bullish extension into Dec.
- The risk is now for 1.6500 and maybe a key 2011 peak at 1.6617.
- Overshoot threat is to the 2011 multi-year high at 1.6745.
- The 8-day RSI, is positive and just OB, but has scope to go still higher this week.
WHAT CHANGES THIS?
- Below 1.6200 eases bull risks; through 1.6065 signals a neutral tone.
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