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25 Nov 2013
Flash: GBP/USD probing overhead resistance, favour failure - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD ground higher all week and continues to trade in the upper half of its 2 month trading range.
Key Quotes
“We are not clear at this stage if this is a potential top or not but we are biased towards the top theory, given the 4 year downtrend is located just above here at 1.6301.”
“As a consequence we continue to look for failure at the 1.6256/59 recent highs. Having said that, only a daily close below the current November low at 1.5856 is needed to complete the pattern to offer a minimum downside measurement to 1.5535.”
“The 200 day ma at 1.5511 can also be seen in this vicinity. First, though, the 55 day moving average at 1.6033 is in view.”
Key Quotes
“We are not clear at this stage if this is a potential top or not but we are biased towards the top theory, given the 4 year downtrend is located just above here at 1.6301.”
“As a consequence we continue to look for failure at the 1.6256/59 recent highs. Having said that, only a daily close below the current November low at 1.5856 is needed to complete the pattern to offer a minimum downside measurement to 1.5535.”
“The 200 day ma at 1.5511 can also be seen in this vicinity. First, though, the 55 day moving average at 1.6033 is in view.”