6 Nov 2013
Flash: GBP/USD bouncing from support at 1.5915/1.5895 – Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst at Commerzbank notes that GBP/USD is seeing a decent rebound from 1.5915/1.5995 -indicated to remain fairly tepid and shall ideally terminate circa 1.6125/60.
Key Quotes
“We regard the pattern as a potential double top and a close below 1.5895 will complete the pattern to offer a minimum downside measurement to 1.5535. Given the close proximity of the 200 day ma at 1.5491 to this target zone this makes a good initial downside target.”
“Above 1.6160 would allow for a retest of the recent highs at 1.6255/60.”
Key Quotes
“We regard the pattern as a potential double top and a close below 1.5895 will complete the pattern to offer a minimum downside measurement to 1.5535. Given the close proximity of the 200 day ma at 1.5491 to this target zone this makes a good initial downside target.”
“Above 1.6160 would allow for a retest of the recent highs at 1.6255/60.”