GBP/USD: Strong Range Definition
Steve Miley | Sep 19, 2014 05:50AM ET
GBP/USD Range Theme: 1.6500 and 1.6162 breakout parameters
- A better bounce effort to push above 1.6342, to ease bear pressures for a switch to a neutral range theme, unsurprising ahead of the Scottish referendum on Thursday.
- We now see the range defined by 1.6500 and 1.6162.
- We still see a skewed bias for a bearish breakout however, and even given a more bullish tone, see 1.6500 capping for a re-energizing of the bear threat from July.
- WHAT CHANGES THIS?
- Upside: Above 1.6500 aims higher for 1.6646 and 1.6740.
- Downside: Below 1.6162 sees risk lower through 1.6050 for the 50% retrace at 1.6005, psychological 1.6000 and the 1.5854 weekly swing low from Q4 2013.
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.