FXstreet.com (Barcelona) - According to Technical Markets Strategist William Moore at RBS, “The GBP/USD break below the 1.6070 level was important yesterday, not just from the longer-term chart, but also given that it is the important 38.2% retracement from the ’08 – ’09 credit crunch sell off.”
As such, “we calculate downside levels lie at 1.6070, which is the 61.8% retracement of the August – September rally. Down to the 1.5950 level which is the lower Bollinger band and the 38.2% retracement of the same range. A stop through 1.6330 gives a chance for a move to 1.6302.” Moore adds.
As such, “we calculate downside levels lie at 1.6070, which is the 61.8% retracement of the August – September rally. Down to the 1.5950 level which is the lower Bollinger band and the 38.2% retracement of the same range. A stop through 1.6330 gives a chance for a move to 1.6302.” Moore adds.
