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Forex Flash: GBP/USD, sticking with targets at 1.56 and 1.53 - RBS

By FXstreet.com,  January 07, 2013, 11:34:00 PM EDT

FXstreet.com (Barcelona) - After the failed attempt to break 1.6300, the GBP/USD bias is still for this level to hold over what should be a 'Dollar strong' quarter, says William Moore, FX strategists at RBS.

"The foray above the 1.6300 ceiling was brief and occurred at during poor liquidity over the holiday period. I don't believe that this represents the overall tone of the market and once the liquidity returns the ceiling will return with it" William notes.

William adds: "I stick with my targets at 1.56 and 1.53 for this quarter. I would revisit my view following a weekly close above the 1.6300 level. The near term support level is the Nov '12 low at 1.5829. Should I be wrong and the market trade above the 1.6300 level then look to 1.6816 for the next meaningful 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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