BofAML - Pound in trouble, with GBPUSD at risk of a turn in trend

BofAML - "£/$ is rolling over and on the verge of completing a medium, potentially long term bullish turn in trend. 1.6748/1.6709 (Apr'11 pivot and 6m channel base) is KEY SUPPORT. A close below here confirms the turn in trend exposing the Oct'13 pivot at 1.6262 and potentially below. With $/¥ still setup for a test and break of the 200d at 101.15 (we target 99.37 and potentially below), watch £/¥. It is on the verge of breaking 1.5yr channel support at 170.43. Below here would see significant technically based seling, putting further pressure on £."

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Tags: Bank of America Merrill Lynch Pound, BofAML, GBPUSD, Sterling


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