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GBP/USD: Further Upside; EUR/USD: Minor Correction – RBS

Cable had a nice run so far this week. Can it continue? And what about EUR/USD, that seems to be locked in a range?

The team at RBS examines the  technical levels:

Here is their view, courtesy of eFXnews:

Starting with GBP/USD, RBS  believes that it has further to go towards the target of 1.6070 amid an inverted Head and Shoulders pattern and a bounce from a key support area.

“Last week’s signals of an inverted advance block pattern finished by a Doji candle at a time of MACD staying positive confirmed the next move is likely to be to the upside, targeting 1.6070 onto 1.6430 stopping on a close below 1.5100. We maintain the same view for this week,” RBS advises.

GBPUSD weekly chart with Fibonacci projections MACD June 2015 pound dollar

Turning to EUR/USD, RBS notes that the pair moved sideways, as slow stochastics reached its overbought region.

“This may result in a minor correction towards 1.1130/1.1052 with further resumption of upside pressure remaining our bias, as the pair formed a local base after bouncing from the 1.08 support level, being the 38.2% Fibonacci retracement from the March impulse wave, and forming a double-bottom pattern,” RBS argues.

Overall, We keep the same view for a move to the 2 nd target of 1.1644 with further test of 1.20-ish area possible,” RBS projects.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.