24 May 2013
Flash: GBP/USD technicals looks bullish - Nomura
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at GBP/USD from a purely technical perspective and expects spot to be bullish for the week ahead.
Amen begins by noting that spot is lower on the week and he is flipping to a bullish view. He writes, “First, the RSI has stalled at relatively low levels, suggesting it is close to a low. Also bandwidth expansion is slowing, suggesting that the breakout is getting exhausted. Also there has not been follow through on the break of the lower Bollinger band. Our target is 1.5200 (just above recent move lower).”
Amen begins by noting that spot is lower on the week and he is flipping to a bullish view. He writes, “First, the RSI has stalled at relatively low levels, suggesting it is close to a low. Also bandwidth expansion is slowing, suggesting that the breakout is getting exhausted. Also there has not been follow through on the break of the lower Bollinger band. Our target is 1.5200 (just above recent move lower).”