GBPUSD reaction zone at 1.6690-1.6750
10 August 2014, 16:22
- “Of note is a weekly outside reversal and weekly RSI rolling over from
above 70 this week. Prior instances of RSI rolling over (2004, 2006, and
2007) from above 70 indicated tops of at least several months.”
- Be aware that GBPUSD has reached possible ‘momentum support’ from the
50 level in RSI (weekly), and is nearing possible price supports from
the 2011 high at 1.6745 and May low at 1.6692. Major support would come
in from the 3 peaks in 2012 and this year’s low at 1.6250-1.6340.
