3 Dec 2013
Flash: GBP/USD has NOT closed above 1.6370 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that she made an error yesterday – the did NOT close above the 1.6370 December 2012 high.
Key Quotes
“This attempt higher was seen in fairly thin market conditions and ONLY a CLOSE above 1.6370 will persuade us that there is scope for a move to 1.6634/16735.”
“Every time frame is implying that this is in fact the end of the upmove, and the 60 minute chart is suggesting intraday rallies will now fail 1.6275/85.”
“The daily RSI has not confirmed the new high and we will watch price action around the 1.6259/55 previous highs from October, as failure here will cast attention back to the 5 month uptrend at 1.6029. A close below here will re-target the 1.5855 November low.”
Key Quotes
“This attempt higher was seen in fairly thin market conditions and ONLY a CLOSE above 1.6370 will persuade us that there is scope for a move to 1.6634/16735.”
“Every time frame is implying that this is in fact the end of the upmove, and the 60 minute chart is suggesting intraday rallies will now fail 1.6275/85.”
“The daily RSI has not confirmed the new high and we will watch price action around the 1.6259/55 previous highs from October, as failure here will cast attention back to the 5 month uptrend at 1.6029. A close below here will re-target the 1.5855 November low.”