GBPUSD Upside Bias Whilst Above 13-day EMA for 1.6820 Peak A resilient tone through midweek, rebounding from the 13-day EMA, at 1.6655, having defended this support on a closing basis over the past 1-2 weeks. Moreover, whilst above the Feb setback low at 1.6585 we see upside pressures from the late Feb push through chart resistance at 1.6735/40. We look for further upside given the aggressive mid-Feb rally above a longer term target at 1.6745 and still see risk through the cycle peak at 1.6820 towards a key 2009 failure peak at 1.6877. The overshoot threat for March is to the psychological 1.7000 level and multi-year peak from 2009 at 1.7042 WHAT CHANGES THIS? Below 1.6650 eases bull risks; through 1.6585 signals a neutral tone, only shifting negative below 1.6380.
Posted on: Thu, 06 Mar 2014 08:47:44 +0000
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