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GBP/USD Eyes 1.6500 On The Way To Target 1.6617

Published 12/02/2013, 04:21 AM
Updated 12/12/2023, 05:55 AM

GBP/USD eyes 1.6500 on the way to target 1.6617 and 1.6745 into year-end

  • Another new recovery high to end the week and month (and to start this week) to push above the 2013 high at 1.6382 for a new high for the year and to reinforce the prior break through 1.6255/60 Oct peaks.
  • Given the better recovery tone from mid-Nov (which signalled the break below 1.5895 as a head fake Double Top), the threat is now for a significant bullish extension into Dec.
  • The risk is now for 1.6500 and maybe a key 2011 peak at 1.6617.
  • Overshoot threat is to the 2011 multi-year high at 1.6745.
  • The 8-day RSI, is positive and just OB, but has scope to go still higher this week.

WHAT CHANGES THIS?

  • Below 1.6200 eases bull risks; through 1.6065 signals a neutral tone.

Please see latest audio-visual analysis here:
Weekly <span class=GBP/USD" title="Weekly GBP/USD" height="464" width="618">
Daily GBPUSD

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