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Pound has room to extend latest gains - JPMorgan

FXStreet (Bali) - The British Pound has room to extend its latest gains as the Scotland uncertainty dissolves, notes Thomas Anthonj, FX Strategist at JPMorgan.

Key Quotes

"Following the path of the green No-vote scenario as described in last week's chart special on Cable we now see room to perform a zigzag countertrend rally (wave B) to 1.6622 (int. 50 %), which is the classical wave a target, whereas wave could potentially stretch out to 1.6923 (minor 76.4 %) at a later stage."

"This however only applies as long as key-support between 1.6248 and 1.6164/62 (minor 76.4 % on 2 scales/pivot) is defended, as breaks below would call for a straight test of lower supports at 1.6002 (50 % on big scale) and at 1.5852/1.5752 (pivots)."

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