5 Sep 2013
Flash: GBP/USD, nice H&S topping formation in play - JPMorgan
FXstreet.com (Barcelona) - FX Strategists at JP Morgan see a high probability that a 2nd wave top is already in place at
1.5718, following a H & S topping pattern, which now needs a break below 1.5471/32 (daily trend.-neckline) to be confirmed.
Key Quotes
"Above, another attempt to reach and exceed the decisive T-junction at 1.5650 (minor 76.4 %) can’t be excluded yet
but unless the latter is broken decisively on hourly close (i.e. above 1.5680) we expect acceleration down."
"Only above 1.5650, a re-test of weekly.-monthly triangle resistance between 1.5916 and 1.6038 would be indicated again."
1.5718, following a H & S topping pattern, which now needs a break below 1.5471/32 (daily trend.-neckline) to be confirmed.
Key Quotes
"Above, another attempt to reach and exceed the decisive T-junction at 1.5650 (minor 76.4 %) can’t be excluded yet
but unless the latter is broken decisively on hourly close (i.e. above 1.5680) we expect acceleration down."
"Only above 1.5650, a re-test of weekly.-monthly triangle resistance between 1.5916 and 1.6038 would be indicated again."