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Forex Flash: GBP/USD downside quarter at 1.5829 on Q1 2013 - RBS

By FXstreet.com,  January 14, 2013, 08:21:00 PM EDT

FXstreet.com (Barcelona) - RBS FX technical strategist William Moore sees further downside scope for the GBP/USD, in what he believes will be a 'Dollar strong' quarter; "I will continue to think that this currency pair will trade very heavy for the majority of this quarter and my 'wrong' level is a weekly close above the pivotal 1.6300 level" the analyst comments.

Mr. Moore adds: "For this quarter my downside targets are at 1.5829 (Nov '12 low), 1.56 (Mar '12 low) and 1.53 (multi year support since Sep '10). Should I be wrong and the market trade above 1.6300 then look to 1.6816 for the next resistance level."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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