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27 Mar 2015
GBP/USD might remain capped at 1.4990/95- CharmerCharts
FXStreet (Barcelona) - Carol Harmer of CharmerCharts, gives the technical outlook for GBP/USD, viewing that the current price action is seen as correctionary and the pair still remains a buy on weakness.
Key Quotes
“Cable posted an outside day yesterday, but we are still entrenched in this range trading at the moment so the view remains the same. We failed on the topside and came back to target 1.4835/30.....we said we are buyers down here and nothing has happened to change the view.... at this point declines are still looking to be correctionary.”
“So we know 1.4990/95 is going to prove to be a barrier...but if buyers can nudge above here we look for 1.5030/50 initially with potential for 1.5090.”
“So any longs instated to 1.4835/30 should have stops placed below the 1.4780 support...as if we lose this there will further downside moves seen with 1.4715 then seen as the short term objective.”
Key Quotes
“Cable posted an outside day yesterday, but we are still entrenched in this range trading at the moment so the view remains the same. We failed on the topside and came back to target 1.4835/30.....we said we are buyers down here and nothing has happened to change the view.... at this point declines are still looking to be correctionary.”
“So we know 1.4990/95 is going to prove to be a barrier...but if buyers can nudge above here we look for 1.5030/50 initially with potential for 1.5090.”
“So any longs instated to 1.4835/30 should have stops placed below the 1.4780 support...as if we lose this there will further downside moves seen with 1.4715 then seen as the short term objective.”