11 Feb 2015
GBP/USD likely to break above its 12-month downtrend – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team views that cable might finally break above the 12-month downtrend resistance, with the pair currently struggling near the mentioned area.
Key Quotes
“Technically, GBPUSD is in a very interesting point at the moment as the pair is fighting to break a 12 months downtrend.”
“We believe the cable will be finally able to cross the resistance and extend the bounce from lows, identifying as most relevant resistances the levels coinciding with Fibonacci’s retreatments.”
“However, if the pair finally cannot break the mentioned resistance, it could pull back to the support level reached in January.”
Key Quotes
“Technically, GBPUSD is in a very interesting point at the moment as the pair is fighting to break a 12 months downtrend.”
“We believe the cable will be finally able to cross the resistance and extend the bounce from lows, identifying as most relevant resistances the levels coinciding with Fibonacci’s retreatments.”
“However, if the pair finally cannot break the mentioned resistance, it could pull back to the support level reached in January.”