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Forex Flash: GBP/USD to potentially target 1.30 in 2013 - HSBC

By FXstreet.com,  January 09, 2013, 06:52:00 PM EDT

FXstreet.com (Barcelona) - "The long-term Elliott Wave structure in Cable is a classical fourth wave triangle that should result in an eventual downside break," HSBC's FX Team said in a research note. In their view: "It would take a rise above the 2011 high of 1.6747 to negate this pattern and so, as long as that level holds as resistance, we should anticipate a powerful downside move during 2013 towards 1.30," the team concludes.




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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