2 Dec 2013
GBP/USD breaks into new highs after 60+ pips spike
FXstreet.com (Barcelona) - GBP/USD has been given a strong boost in Asia, extending gains above 1.6383 Friday's high after a 60+ unusual spike higher, possibly due to the low liquidity and some stop loss hunting.
Targets to the upside, in view of Jim Langlands, Founder at FXCharts, "are at 1.6453 (29 Aug 2011 high) and then 1.6500 , beyond there, 1.6572 (23 Aug 2011 high) will be the next port of call, with 1.6617 (19 Aug 2011 high) a distant target."
On the downside, 1.6375/85 old resistance (Friday's high) should now act as support, an area that aligns with the Kijun on the daily chart. Below, a thick kumo cloud should attract plenty of buying interest on dips.
Targets to the upside, in view of Jim Langlands, Founder at FXCharts, "are at 1.6453 (29 Aug 2011 high) and then 1.6500 , beyond there, 1.6572 (23 Aug 2011 high) will be the next port of call, with 1.6617 (19 Aug 2011 high) a distant target."
On the downside, 1.6375/85 old resistance (Friday's high) should now act as support, an area that aligns with the Kijun on the daily chart. Below, a thick kumo cloud should attract plenty of buying interest on dips.