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16 Apr 2013
Forex: GBP/USD keeps pushing higher
FXstreet.com (Barcelona) - The sterling is inching higher on Tuesday, posting session highs in the area of 1.5320/25 as risk appetite trends continue to swell.
“Despite GBP managing to trade above the all-important 1.5300 level, the doji reversal pattern in last week’s candle implies that the next medium-term move will be GBP negative”, assessed W.Moore, FX Strategist at RBS. The expert added that the cross would now target 1.5115/1.5000, exposing 1.4907 if breached.
At the moment, the cross is up 0.26% at 1.5324 with the next hurdle at 1.5386 (high Apr.15) followed by 1.5409 (high Apr.12) and then 1.5412 (high Apr.11).
On the other hand, a breakdown of 1.5251 (low Apr.9) would aim for 1.5239 (low Apr.8) and finally 1.5225 (MA21d).
“Despite GBP managing to trade above the all-important 1.5300 level, the doji reversal pattern in last week’s candle implies that the next medium-term move will be GBP negative”, assessed W.Moore, FX Strategist at RBS. The expert added that the cross would now target 1.5115/1.5000, exposing 1.4907 if breached.
At the moment, the cross is up 0.26% at 1.5324 with the next hurdle at 1.5386 (high Apr.15) followed by 1.5409 (high Apr.12) and then 1.5412 (high Apr.11).
On the other hand, a breakdown of 1.5251 (low Apr.9) would aim for 1.5239 (low Apr.8) and finally 1.5225 (MA21d).