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Forex Flash: After a 5-wave pattern down, GBP/USD due for 2nd wave recovery? - JPMorgan

According to JPMorgan FX strategist Niall O'Connor, "the breakout of a several years-long triangle consolidation to the downside in Cable is a strong indication of what´s to come in the coming weeks and months..."

However, he notes that "displaying a 5-wave pattern down in the decline from 1.6379 to 1.5631 we could be due for a broader 2nd wave recovery first, which could stretch out to 1.6178/1.6202 (pivot/int. 76.4 %)."

"The big picture is very negative but a break above 1.5840/82 could trigger a stronger recovery first. The risk of missing one leg down for the completion of the 5-wave pattern (wave I of higher scale) towards 1.5553/30 (Fib.-projection/int. 76.4 %) however persists as long as 1.5840/81/82 (minor 38.2 %/pivot/200 DMA) is capping the upside" he adds.

Business leaders in Japan not demanding a specific Yen level, says Amari

According to headlines crossing the wires, Japan’s Economy Minister Mr. Amari has said to reporters in Tokyo that after a meeting with business leaders, there was no implicit request for any specific Yen level. USD/JPY continues to consolidates above 94.05, new 2.5 year high, with current quote at 94.25 after topping out at 94.45.
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Forex Flash: GBP/USD downside target at 1.53 – RBS

With Cable back to near recent 5-month lows area around the 1.5640, last at 1.5658, down from yesterday's highs at 1.5810, Senior FX Strategist at RBS Paul Robson thinks that “rallies should be sold and the downside target remains the 1.53 level,” the analyst says, mostly based on “Consecutive weeks of ‘lower lows’and ‘lower highs’ in GBP/USD,” Paul notes.
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