4 Apr 2014
GBP/USD finally capitulates at the 1.6667 mid Jan high - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has not managed to clear the 1.6667 January high and yesterday finally reacted lower.
Key Quotes
“It has seen 4 attempts to breach this level and having failed to do so, attention has reverted to support and initially to the 1.6532 uptrend. This is now exposed and failure here will trigger losses to the 1.6470/67 recent low and Fibonacci support.”
“A close below here is needed to confirm that the market has topped and re- focus attention on to the 1.6259/29 support zone, which remains key (September high and the 23.6% retracement of the move up from July 2013).”
“Above 1.6667/83 will allow for an extension to the 1.6822 February high. The weekly and monthly Elliott wave counts are suggesting that this is/will be the end of the move.”
Key Quotes
“It has seen 4 attempts to breach this level and having failed to do so, attention has reverted to support and initially to the 1.6532 uptrend. This is now exposed and failure here will trigger losses to the 1.6470/67 recent low and Fibonacci support.”
“A close below here is needed to confirm that the market has topped and re- focus attention on to the 1.6259/29 support zone, which remains key (September high and the 23.6% retracement of the move up from July 2013).”
“Above 1.6667/83 will allow for an extension to the 1.6822 February high. The weekly and monthly Elliott wave counts are suggesting that this is/will be the end of the move.”