Back
22 Apr 2014
GBP/USD: Break to the upside looms - 2ndSkies
FXStreet (Bali) - As GBP/USD continues to put pressure on the yearly resistance level at 1.6820, Chris Capre, Founder at 2ndSkies, notes how the pair has formed two pin bars in the last week.
Key Quotes
"Considering the price action has been mostly contained near resistance, this would suggest a likely break to the upside, since no real sellers are pushing back."
"The daily 20 EMA and dynamic support has held the downside the last time, so pullbacks to this area can be good signals to get long (~1.6700/6660) with stops below 1.6640. Upside targets can be 1.6812, and 1.6860, which is just shy of the Nov 09' resistance at 1.6877."
Key Quotes
"Considering the price action has been mostly contained near resistance, this would suggest a likely break to the upside, since no real sellers are pushing back."
"The daily 20 EMA and dynamic support has held the downside the last time, so pullbacks to this area can be good signals to get long (~1.6700/6660) with stops below 1.6640. Upside targets can be 1.6812, and 1.6860, which is just shy of the Nov 09' resistance at 1.6877."