Forex market forecast: GBP/USD, USD/JPY, USD/BRL – ADMISI
Oct 06, 2016, 01:24 PM
How low can the Pound go? – is the question faced by one and all. The easiest way to find out is jot down support and resistance level on the technical charts. However, it is easier said than done in case of the British Pound since it is trading at the 31-year low.
Eddie Tofpik from ADM Investor Services International (ADMISI) details the bearish technical set up in Pound which suggests the currency could go as low as 1.1258 levels.
He cites triple bottom formation on the Dollar-Yen and suggests the current Bull Run could be extended to 104.26 and potentially to 106.00 levels. The segment ends with a discussion on USD/BRL pair.