23 Jan 2014
Flash: GBP/USD target is at 2011 peak of 1.6747 - UOB
FXstreet.com (Bali) - As Quek Ser Leang, Market Strategist at UOB Group notes, GBP/USD should extend gains in the coming sessions, according to technicals.
Key Quotes
"The clear break above the strong resistant at 1.6515/20 yesterday is accompanied by Daily MACD moving back into positive territory. This and the slew of strong data from UK recently suggest further up-move is likely in the next couple of weeks."
"The target is at the 2011 peak of 1.6747 which coincides with the rising trend-line resistant on the daily chart. Expect shortterm pullback to stay above 1.6450 but only a break below 1.6400 will suggest a retest of the strong support at 1.6305/10."
Key Quotes
"The clear break above the strong resistant at 1.6515/20 yesterday is accompanied by Daily MACD moving back into positive territory. This and the slew of strong data from UK recently suggest further up-move is likely in the next couple of weeks."
"The target is at the 2011 peak of 1.6747 which coincides with the rising trend-line resistant on the daily chart. Expect shortterm pullback to stay above 1.6450 but only a break below 1.6400 will suggest a retest of the strong support at 1.6305/10."