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1 Mar 2013
Forex Flash: Technically, GBP/USD looks bearish ahead - Nomura
Nomura Strategist Saeed Amen has taken a look at GBP/USD from a purely technical perspective.
He writes, “Spot is lower, (and) we flip to a bearish view.” He sees that bandwidth is still rising, suggesting the downward breakout is not finished. Furthermore, he comments that with the RSI still heavily in oversold, momentum is on the downside. He believes that key to confirming this will be a close above 1.5100, which looks likely. His target for the move is 1.4950 where the lower Bollinger band sits.
He writes, “Spot is lower, (and) we flip to a bearish view.” He sees that bandwidth is still rising, suggesting the downward breakout is not finished. Furthermore, he comments that with the RSI still heavily in oversold, momentum is on the downside. He believes that key to confirming this will be a close above 1.5100, which looks likely. His target for the move is 1.4950 where the lower Bollinger band sits.