GBPUSD: the Road to 165.00
Given the Double Bottom in place at approx 135.00 and the recent break-out above 150.00 GBPUSD appears to be consolidating its gains, putting it in a position to achieve this formations objective at 165.00 based on a 100% extension of the height of the Double Bottom as extrapolated from the January low to the February high. Current support is in place below the market at approx 148.00 and the Monthly Pivot Point just above 147.00. With support down to approx 144.00 we would need to see a close below that level before any serious technical damage would be done to this current up-trend
Jay
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Are you talking about the GBPUSD or the GBPJPY as the GBPUSD is NOT 150.00 but hit 1.5350 as a High and is now 1.5168? It is the GBPJPY that has hit 150.00 and could be on it’s way to 165.00
Hi Thirty Pips,
GBPUSD. I am refering to the break out above 150.00 for this pair and a target of 165 based on the Double Bottom at 135.00