GBP/USD Surges Through 1.6120 With Aims At 1.6255
Jay Hawk | Oct 21, 2013 10:22AM ET
GBP/USD: surge through 1.6120, with aims at 1.6255 for 1.6382
- Despite a cautious tone on an approach to the 1.6255 Sept peak, the Thursday surge higher signalled a constructive bias within a still range environment, but with heightened risk of a shift to a more bullish tone again above 1.6255.
- The prior rebound from above chart support, at 1.5885, rejected a more bearish shift and reinforces upside risk
WHAT CHANGES THIS?
- Upside: Above the peak at 1.6255 re-energizes through the cycle high, 1.6382 with overshoot risk into Nov towards a 2011 failure peak at 1.6617.
- Downside: Below 1.58855 signals a more notable bearish reversal down to chart/ pivot supports at 1.5775/50/10.
Please see latest audio-visual analysis here:
Disclosure: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.