GBP/USD: 1.4075 may see a base – RBS

By FXStreet FXStreet (Delhi) – Dmytro Bondar, Technical Analyst at RBS, suggests that Cable downside may be limited from the current levels and 1.4075 may see a base, as inverted H&S triggered and support remains intact.

Key Quotes

“This view has been confirmed, as the pair failed to break below 1.4075 Fibonacci swing extension and formed an inverted Head and Shoulders pattern (and accomplished a return move to the neckline level) targeting 1.4547 on to 1.4657.

Therefore, I like loading tactical longs to 1.4547 on to 1.4657 stopping on a close below 1.4180 (right shoulder level = risk level).”

RES: 1.4451 1.4547 1.4557
SUP: 1.4326 1.4255 1.4180
For more information, read our latest forex news. …read more

Source:: FX Street