Currency Analyst since 2010

JP Morgan: GBP may still reverse down

Analysts at JP Morgan Securities claim that despite the recent gains in GBP/USD the picture for GBP hasn’t improved yet. In their view, only a break above resistance at $1.5718/52 (June & August highs) would open the way for a re-test of $1.5916/6038 (weekly/monthly triangle resistance). If pound breaks below $1.5496/34 (200-day MA/daily neckline of the double top), it will fall to $1.5102 and $1.5027 (76.4 % Fibo). A slide below the latter will make GBP/USD vulnerable for a decline to $1.4339.

Chart. Daily GBP/USD

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