GBP/USD Poised For Bull Extension
Steve Miley | Mar 10, 2014 05:20AM ET
A still firm bias, still holding and advancing from the 13-day EMA, now 1.6670, having defended this support on a closing basis over the past two weeks.
Moreover, whilst above the Feb setback low at 1.6585 we see upside pressures from the late Feb push through chart resistance at 1.6735/40.
We look for further upside also given the aggressive mid-Feb rally above a longer term target at 1.6745 and still see risk through the cycle peak at 1.6820 towards a key 2009 failure peak at 1.6877.
The overshoot threat for March is to the psychological 1.7000 level and multi-year peak from 2009 at 1.7042
h3What changes this?/h3
Below 1.6670 eases bull risks; through 1.6585 signals a neutral tone, only shifting negative below 1.6380.
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