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21 May 2014
Latest breaks increase risk of broader GBP setback - JPMorgan
FXStreet (Bali) - The decisive break below 1.6829 in GBP/USD has put the odds in favor of a much deeper setback, notes Thomas Anthon, FX Strategist at JP Morgan.
Key Quotes
"Backing off from key-pivotal resistance at 1.7044/49 (2009 high/2005 low), Cable broke below the first crucial T-junction at 1.6829 (minor 38.2 %) which constituted a game change in favor of a broader 4th wave setback to the next T-zone on higher scale at 1.6274/15 (weekly breakout line/38.2 % on higher scale). Only a decisive break above 1.6935 (minor 76.4 %) would question this negative view."
Key Quotes
"Backing off from key-pivotal resistance at 1.7044/49 (2009 high/2005 low), Cable broke below the first crucial T-junction at 1.6829 (minor 38.2 %) which constituted a game change in favor of a broader 4th wave setback to the next T-zone on higher scale at 1.6274/15 (weekly breakout line/38.2 % on higher scale). Only a decisive break above 1.6935 (minor 76.4 %) would question this negative view."