Home GBP/USD: Technicals: Sum Of The Parts = Bullish GBP; Staying Long – BofAML
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GBP/USD: Technicals: Sum Of The Parts = Bullish GBP; Staying Long – BofAML

GBP/USD continues trading around 1.3100 amid an official request to extend Brexit once again. What’s next?

Here is their view, courtesy of eFXdata:

Bank of America Merrill Lynch Research discusses GBP/USD technical outlook and  maintains a bullish bias, expressing that via holding a long position* from 1.3080.

“We conclude a bullish bias for GBP given multiple time frame charts favor higher GBP/USD, most weekly charts of GBP crosses have based and are in young upward sloping channels. According to a head and shoulders base, the GBP/USD rally from the December low could extend to 1.39-1.4285,” BofAML notes.  

Key to this view is a breakout > 1.3298-1.3363 resistance and remaining above 1.2770,” BofAML adds.  

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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.