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5 Feb 2015
GBP/USD: Further recovery expected - RBS
FXStreet (Bali) - According to Dmytro Bondar, Technical Analyst at RBS, 1.4970 supported the price in GBP/USD, with further recovery now expected after the 1.5110 breakout.
Key Quotes
"The market gained support at the 1.4970 level, being the 76.4% retracement from 2001 – 2004 impulse wave, as we expected started to form a base with the next upside pivot point at 1.5110, which once broken - confirmed -, would see further recovery to 1.5196 and 1.5270. Overall, I hold the view, for the near-term to see some recovery towards 1.5424 / 1.5606. Caveat would be a break below 1.4950."
Key Quotes
"The market gained support at the 1.4970 level, being the 76.4% retracement from 2001 – 2004 impulse wave, as we expected started to form a base with the next upside pivot point at 1.5110, which once broken - confirmed -, would see further recovery to 1.5196 and 1.5270. Overall, I hold the view, for the near-term to see some recovery towards 1.5424 / 1.5606. Caveat would be a break below 1.4950."