29 Aug 2013
Flash: GBP/USD technicals reveal bull trap – ANZ
FXstreet.com (New York) - Tim Riddell, Head of Global Markets Research at ANZ analyzes the short-term outlook of the GBP/USD.
Key quotes
“The underlying bias remains that a frustrating period of range trading continues to develop. The inability to hold levels above 1.5650 could signal an interim top and so the current slide below 1.5575 suggests a near term bull-trap was triggered on the pop above 1.5650.”
“A close now below 1.5500 should trigger another slide towards the 1.5250, possibly 1.5000, as the frustrating range trading unfolds. A spike back above 1.5650 is needed to alter this profile.”
Key quotes
“The underlying bias remains that a frustrating period of range trading continues to develop. The inability to hold levels above 1.5650 could signal an interim top and so the current slide below 1.5575 suggests a near term bull-trap was triggered on the pop above 1.5650.”
“A close now below 1.5500 should trigger another slide towards the 1.5250, possibly 1.5000, as the frustrating range trading unfolds. A spike back above 1.5650 is needed to alter this profile.”