25 Mar 2015
GBP/USD remains a buy on weakness – Charmer Charts
FXStreet (Barcelona) - Carol Harmer of Charmer Charts, gives the technical outlook and key levels for GBP/USD, and maintaining a buy on dips approach on the pair.
Key Quotes
“Cable failed on the topside and came back to target 1.4835/30.....we said we are buyers down here and nothing has happened to change the view.... at this point declines are still looking to be correctionary.”
“So we know 1.4990 is going to prove to be a barrier...but if buyers can nudge above here we look for 1.5030/50 initially with potential for 1.5090.”
“At the moment the base pattern we talked about on Friday remains in place so this is why we are still buyers on weakness.”
“So any longs instated to 1.4835/30 should have stops placed below the 1.4780 support...as if we lose this there will further downside moves seen with 1.4715 then seen as the short term objective.”
Key Quotes
“Cable failed on the topside and came back to target 1.4835/30.....we said we are buyers down here and nothing has happened to change the view.... at this point declines are still looking to be correctionary.”
“So we know 1.4990 is going to prove to be a barrier...but if buyers can nudge above here we look for 1.5030/50 initially with potential for 1.5090.”
“At the moment the base pattern we talked about on Friday remains in place so this is why we are still buyers on weakness.”
“So any longs instated to 1.4835/30 should have stops placed below the 1.4780 support...as if we lose this there will further downside moves seen with 1.4715 then seen as the short term objective.”