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22 Jun 2015
GBP/USD bullish above 1.5648 – JP Morgan
FXStreet (Edinburgh) - According to analysts at JP Morgan, the stance of GBP/USD remains positive above the 1.5648 key level.
Key Quotes
“Given the latest upside breaks the British Pound escaped the looming setback risks and opened further upside potential”.
“The most significant break in this context was the break above 1.5878 (50 %) in Cable, which theoretically allows for a much stronger recovery to 1.6572 (76.4 %)”.
“The pre-condition however is that key-support at 1.5648 (minor 38.2 %) is not broken decisively on hourly close”.
Key Quotes
“Given the latest upside breaks the British Pound escaped the looming setback risks and opened further upside potential”.
“The most significant break in this context was the break above 1.5878 (50 %) in Cable, which theoretically allows for a much stronger recovery to 1.6572 (76.4 %)”.
“The pre-condition however is that key-support at 1.5648 (minor 38.2 %) is not broken decisively on hourly close”.