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Forex Flash: Technically speaking, Cable is bearish - Nomura

By FXstreet.com,  January 04, 2013, 09:51:00 AM EDT

FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at GBP/USD from a purely technical perspective.

Amen notes that spot is down on the week and he is bearish in his outlook. Looking at a daily chart he sees that RSI (14) is continuing to fall, suggesting downside momentum has a little bit further to go. He adds, "With (Bollinger) bandwidth very low however, it is unlikely this move is a downward breakout. Hence our target is relatively close and we would expect a bounce from it. Our target is 1.6000 (below lower Bollinger band)."




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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