Back
19 Aug 2013
Flash: What does the GBP/USD have to offer? – Commerzbank and UBS
FXstreet.com (Edinburgh) -The sterling continues its march north on Monday, extending the bullish momentum from last week and trading beyond 1.5650. The pound might find further support in the upcoming sessions, as Mortgage Approvals and the preliminary GDP for the second quarter will be in he limelight.
Axel Rudolph, Senior Technical Strategist at Commerzbank, commented the pair “is about to touch the uptrend channel resistance line at 1.5707, a rise above which will have the June peak at 1.5752 in its sights. Just above it meanders the 200 week moving average at 1.5752 which is to act as resistance… GBP/USD will remain overall bid while trading above last week’s 1.5424 low”.
In the same line, Strategists Geoffrey Yu and Gareth Berry at the Swiss lender UBS noted their bullish outlook on the pair, suggesting “The recent strength suggests there is scope for a test of important resistance at 1.5752. Support is at 1.5496”.
Axel Rudolph, Senior Technical Strategist at Commerzbank, commented the pair “is about to touch the uptrend channel resistance line at 1.5707, a rise above which will have the June peak at 1.5752 in its sights. Just above it meanders the 200 week moving average at 1.5752 which is to act as resistance… GBP/USD will remain overall bid while trading above last week’s 1.5424 low”.
In the same line, Strategists Geoffrey Yu and Gareth Berry at the Swiss lender UBS noted their bullish outlook on the pair, suggesting “The recent strength suggests there is scope for a test of important resistance at 1.5752. Support is at 1.5496”.