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Forex Flash: GBP/USD from a technical outlook - BBH

By FXstreet.com,  November 12, 2012, 06:35:00 AM EDT

FXstreet.com (Barcelona) - Global Head of Currency Strategy at Brown Brothers Harriman, Marc Chandler notes that like EUR/USD, Cable posted a couple of outside days last week, including on Friday, but failed to maintain any traction.

He writes, "In fact, before the weekend, sterling settled at two-month lows. The break of the October 23 low (~$1.5914) is significant and suggests sterling toward $1.5750-$1.5800." While some may put emphasis on the 200 MA, which is to be found around 1.5850, he feels that it is a better mile marker (where we are), than a road map (where we are going - support/resistance).




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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