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14 Feb 2014
Flash: GBP pvitol point 1.6475 - ANZ
FXStreet (Guatemala) - Tim Riddell, Head of Global Markets Research, Asia at ANZ explained that failure for GBP/USD to hold above 1.6475 now would signal a reversal
Key Quotes:
"As previously noted, critical uptrend support in the 1.6220-50 area remained intact, despite the sharp slide on the break of 1.6500."
"The equally sharp rebounds above 1.6475 and through 1.6600 have seen a solid turn in momentum and a fill return to the uptrend with potential to test 1.6750-75 and potentially 1.7000-50."
"Once again the 1.6475-00 area will act as a pivot point and failure to hold above 1.6475 now would signal a reversal for a decent period of corrections. Nevertheless, the near term bias is for further gains."
Key Quotes:
"As previously noted, critical uptrend support in the 1.6220-50 area remained intact, despite the sharp slide on the break of 1.6500."
"The equally sharp rebounds above 1.6475 and through 1.6600 have seen a solid turn in momentum and a fill return to the uptrend with potential to test 1.6750-75 and potentially 1.7000-50."
"Once again the 1.6475-00 area will act as a pivot point and failure to hold above 1.6475 now would signal a reversal for a decent period of corrections. Nevertheless, the near term bias is for further gains."