24 Mar 2014
Sterling peaked on Feb 17th - BBH
FXStreet (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman comments that Sterling peaked on February 17 and was trading at its lowest level since February 12 before the weekend.
Key Quotes
“The 5-day moving average crossed below the 20-day on March 12. It has approached a key retracement objective near $1.6470. This will be an important area in the coming sessions.”
“A convincing break may give it the momentum to cut through the 100-day average which is near $1.6425 and target the $1.6300-50 area. However, we are more inclined to see sterling's recent downdraft as primarily a technical correction and start of a bear trend.”
Key Quotes
“The 5-day moving average crossed below the 20-day on March 12. It has approached a key retracement objective near $1.6470. This will be an important area in the coming sessions.”
“A convincing break may give it the momentum to cut through the 100-day average which is near $1.6425 and target the $1.6300-50 area. However, we are more inclined to see sterling's recent downdraft as primarily a technical correction and start of a bear trend.”