14 Apr 2014
GBP/USD –Holding the previous resistance line - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has rallied to and stalled at the 1.6822 recent high.
Key Quotes
“The Elliott wave count on the 240 minute chart is suggesting scope to 1.6900. However the market could simply fail here at the previous highs. We note that the market has sold off to the previous resistance line and this offers support at 1.6716 today.”
“Dips will find minor support at 1.6740/05. Ahead of trend line support at 1.6572 and key support at 1.6470. We will need to break at least the uptrend to negate the current push higher. Slightly longer term the weekly and monthly charts are indicating that this is the end of the move, however the market could reach 1.7041, the August 2009 peak ahead of failure.”
Key Quotes
“The Elliott wave count on the 240 minute chart is suggesting scope to 1.6900. However the market could simply fail here at the previous highs. We note that the market has sold off to the previous resistance line and this offers support at 1.6716 today.”
“Dips will find minor support at 1.6740/05. Ahead of trend line support at 1.6572 and key support at 1.6470. We will need to break at least the uptrend to negate the current push higher. Slightly longer term the weekly and monthly charts are indicating that this is the end of the move, however the market could reach 1.7041, the August 2009 peak ahead of failure.”