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25 Feb 2014
Flash: 1.7044/49 2009 high up next - JPM
FXStreet (Guatemala) - Thomas Anthonj, FX Strategist at JP Morgan said the up-trend of GBP has lost momentum but remains intact for the time being.
"The latest break of Cable above the 2011 high at 1.6748 reinforced the bull view so that key-pivotal resistance at 1.7044/49 (2009 high/2005 low) should be in focus next".
"What remains a concern though is the shown 5-wave structure from the 1.4813 low which risks a broader wave setback, indicated below 1.6613 (minor 38.2 %) and confirmed below 1.6255/20 (weekly breakout line/pivot)".
"The latest break of Cable above the 2011 high at 1.6748 reinforced the bull view so that key-pivotal resistance at 1.7044/49 (2009 high/2005 low) should be in focus next".
"What remains a concern though is the shown 5-wave structure from the 1.4813 low which risks a broader wave setback, indicated below 1.6613 (minor 38.2 %) and confirmed below 1.6255/20 (weekly breakout line/pivot)".