4 Jun 2015
GBP/USD: opportunity to go long for 1.60 – RBS
FXStreet (Barcelona) - Dmytro Bondar, Technical Analyst at RBS, believes that the dip below 1.54 in GBP/USD provides a good opportunity to go bullish on the pair, targeting 1.60 levels.
Key Quotes
“The pair triggered my stop level after closing below 1.54. However the current levels provide another opportunity to go long Cable, as the inverted Head and Shoulders pattern remains in place, the pair remained supported by the 21- week moving average and 38.2% rally retracement (the same level) and the weekly candlestick chart saw an inverted advance block pattern (caveat – this week’s close on Friday should be above 1.5150). Therefore, I like re-entering long positions from the current level of 1.5288 for 1.6070 on to 1.6430 stopping on a close below 1.5100.”
Key Quotes
“The pair triggered my stop level after closing below 1.54. However the current levels provide another opportunity to go long Cable, as the inverted Head and Shoulders pattern remains in place, the pair remained supported by the 21- week moving average and 38.2% rally retracement (the same level) and the weekly candlestick chart saw an inverted advance block pattern (caveat – this week’s close on Friday should be above 1.5150). Therefore, I like re-entering long positions from the current level of 1.5288 for 1.6070 on to 1.6430 stopping on a close below 1.5100.”