8 Jun 2015
GBP/USD sees scope for further recovery towards 1.60 – Danske
FXStreet (Barcelona) - Global Head of FICC Research at Danske Bank, Thomas Harr, sees upside recovery potential for GBP/USD towards 1.6052 and suggests buying any dips.
Key Quotes
“We see scope for a stronger recovery in due course, with the current pullback from 1.5815 providing a good opportunity to initiate long positions.”
“Bulls would need to clear the upper boundary of the minor corrective channel off 1.5815 to signal a return to strength. Further gains will target the 50% retracement of the 1.7192- 1.4566 down move at 1.5879 ahead of the 10 September 2014 low at 1.6052. Above here lies the 61.8% retracement at 1.6189.”
“Further weakness should encounter strong support in the 1.5089/1.4981 (5 May low/6 April high) area. Below here, followed by a breach of 1.4857 (21 April low), points to the resumption of the wider down trend.”
“Strategy summary – Look to buy on weakness ahead of stronger recovery to 1.6052. Place stop below 1.4981.”
Key Quotes
“We see scope for a stronger recovery in due course, with the current pullback from 1.5815 providing a good opportunity to initiate long positions.”
“Bulls would need to clear the upper boundary of the minor corrective channel off 1.5815 to signal a return to strength. Further gains will target the 50% retracement of the 1.7192- 1.4566 down move at 1.5879 ahead of the 10 September 2014 low at 1.6052. Above here lies the 61.8% retracement at 1.6189.”
“Further weakness should encounter strong support in the 1.5089/1.4981 (5 May low/6 April high) area. Below here, followed by a breach of 1.4857 (21 April low), points to the resumption of the wider down trend.”
“Strategy summary – Look to buy on weakness ahead of stronger recovery to 1.6052. Place stop below 1.4981.”