FXstreet.com (Barcelona) - According to Technical Markets Strategist William Moore at RBS, “The head and shoulders pattern as mentioned yesterday didn’t disappoint and did in fact force the GBP/USD price action down towards the lower end of its range. All the short-term momentum indicators are pointing to ‘overdone’ conditions and that this short-term rally has come far enough.”
As such, “we expect some kind of correction first thing and some short-term movement higher presents some better selling opportunities. Levels in the short term look to be 1.6059 and 1.6070/80, while downside targets to 1.6022 onto 1.5600 overall.” the RBS Strategist predicts.
As such, “we expect some kind of correction first thing and some short-term movement higher presents some better selling opportunities. Levels in the short term look to be 1.6059 and 1.6070/80, while downside targets to 1.6022 onto 1.5600 overall.” the RBS Strategist predicts.
