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27 Jan 2015
GBP/USD points to consolidation near term – RBS
FXStreet (Edinburgh) - Dmytro Bondar, Technical Analyst at RBS, sees GBP/USD in a consolidative range above 1.4970.
Key Quotes
“The market gained support at the 1.4970 level, being the 76.4% retracement from 2001 – 2004 impulse wave, and bounced to the 1.5198 resistance, suggesting that once the latter is broken, the price would likely see some upside in the near future”.
“This comes in line with our view where I suggested Cable would sustain in a range above 1.4970 rather than breaking the level on a sustained basis”.
“I hold the view, implying the near-term may see some recovery towards 1.5424 / 1.5606”.
Key Quotes
“The market gained support at the 1.4970 level, being the 76.4% retracement from 2001 – 2004 impulse wave, and bounced to the 1.5198 resistance, suggesting that once the latter is broken, the price would likely see some upside in the near future”.
“This comes in line with our view where I suggested Cable would sustain in a range above 1.4970 rather than breaking the level on a sustained basis”.
“I hold the view, implying the near-term may see some recovery towards 1.5424 / 1.5606”.