9 Jul 2013
Flash: GBP/USD maintains negative long-term outlook – RBS
FXstreet.com (New York) - It is worth highlighting the GBP/USD break and retest of the uptrend since 2009, notes the FX Strategist Team at RBS.
Indeed, the retest did not get back up to touch the trendline and failed with a bearish outside week. We are down now just above the 61.8% at 1.4750 and this 1.4750/1.4835 area has to be the next main support level to watch – below there on a weekly close and not much until 1.4275.
Ultimately, “any rallies from this area should find resistance around the 1.5140 – possibly 1.5200 area. For the longer-term outlook this stays negative unless we get a weekly close in the future above 1.5625 now.” the team adds.
Indeed, the retest did not get back up to touch the trendline and failed with a bearish outside week. We are down now just above the 61.8% at 1.4750 and this 1.4750/1.4835 area has to be the next main support level to watch – below there on a weekly close and not much until 1.4275.
Ultimately, “any rallies from this area should find resistance around the 1.5140 – possibly 1.5200 area. For the longer-term outlook this stays negative unless we get a weekly close in the future above 1.5625 now.” the team adds.