Back
15 Mar 2013
Forex Flash: GBP/USD looks bullish ahead - Nomura
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at GBP/USD from a purely technical perspective.
Looking at a daily chart, Amen notes that spot is up on the week and he is pivoting to a bullish view. He see that spot has traded above the 20D SMA and also RSI has bounced up from very low levels, suggesting we have already reached a short-term low. With bandwidth falling rapidly, he feels that spot is likely to trade in a range, which suggests the downward breakout has been exhausted, and we could see a further move higher within the range. His target is 1.54 (20D SMA).
Looking at a daily chart, Amen notes that spot is up on the week and he is pivoting to a bullish view. He see that spot has traded above the 20D SMA and also RSI has bounced up from very low levels, suggesting we have already reached a short-term low. With bandwidth falling rapidly, he feels that spot is likely to trade in a range, which suggests the downward breakout has been exhausted, and we could see a further move higher within the range. His target is 1.54 (20D SMA).