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- GBP/USD: Big picture still has big potential towards 1.47 ahead of 1.55 - BofA
GBP/USD: Big picture still has big potential towards 1.47 ahead of 1.55 - BofA
eFXdata reports that Bank of America Global Research discusses GBP/USD technical outlook.
"One of our 2021 year ahead technical views favored higher GBP/USD with potential for multi-year upside. The bottom structure has progressed plenty this year with monthly closes above 1.35 signaling a long term uptrend. This formed a head and shoulders bottom and wedge bottom. The head and shoulders bottom pattern estimates upside to 1.47 and 1.55. From this view it doesn't seem difficult to see GBP/USD retracing up to the Brexit day high in 2016 of 1.50. This month spot looks forward to a close above the 100m SMA at 1.41 for more bullish confirmation," BofA adds.
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