HSBC: Currencies: Technical Analysis: Cable 1.6059 key focus.

GBP-USD has established a key pivot at 1.6059. Above that level a bull case remains alive whilst below it the market should accelerate lower. USD-JPY is increasingly vulnerable to a downside reversal. Leadership remains defensive in stock markets and 1346 remains the crucial crossroads in the S&P 500.

 

HSBC Global Research