26 Nov 2013
Flash: GBP/USD's third failure at 1.6255/59 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has failed for the third time at the top of its 2 month trading range at 1.6255/59.
Key Quotes
“We note the TD perfected set up on the TD combo and maintain that this is a potential top, given the 4 year downtrend is located just above here at 1.6301.”
“As a consequence we continue to look for failure here at the 1.6256/59 recent highs.”
“A daily close below the current November low at 1.5856 will complete the pattern to offer a minimum downside measurement to 1.5535. The 200 day ma at 1.5522 can also be seen in this vicinity. First, though, the 55 day moving average at 1.6062 is in view.”
Key Quotes
“We note the TD perfected set up on the TD combo and maintain that this is a potential top, given the 4 year downtrend is located just above here at 1.6301.”
“As a consequence we continue to look for failure here at the 1.6256/59 recent highs.”
“A daily close below the current November low at 1.5856 will complete the pattern to offer a minimum downside measurement to 1.5535. The 200 day ma at 1.5522 can also be seen in this vicinity. First, though, the 55 day moving average at 1.6062 is in view.”