3 Feb 2015
GBP/USD to see a recovery towards 1.5424 – RBS
FXStreet (Barcelona) - Dmytro Bondar, Technical Analyst at RBS, shares the technical setup for GBP/USD and further views that the pair might see a recovery towards 1.5424/1.5606 levels.
Key Quotes
“The market gained support at the 1.4970 level, being the 76.4% retracement from 2001 – 2004 impulse wave, as we expected started to form a base with the next upside pivot point at 1.5110, which once broken, would see further recovery to 1.5196 and 1.5270.“
“Overall, I hold the view, for the near-term to see some recovery towards 1.5424 / 1.5606."
"Caveat would be a break below 1.4950.”
Key Quotes
“The market gained support at the 1.4970 level, being the 76.4% retracement from 2001 – 2004 impulse wave, as we expected started to form a base with the next upside pivot point at 1.5110, which once broken, would see further recovery to 1.5196 and 1.5270.“
“Overall, I hold the view, for the near-term to see some recovery towards 1.5424 / 1.5606."
"Caveat would be a break below 1.4950.”