2 May 2014
GBP/USD end of the upside? – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, remarks a pullback below 1.6763 is needed to visit lower levels.
Key Quotes
“GBP/USD continues to grind higher and push into new 4 year highs and it remains capable of gains to 1.6900/25 and possibly 1.7041, the August 2009 peak – there are a few warning signs appearing”.
“The daily RSI has not confirmed the new high and we have a 13 count on the 240 minute chart (TD combo), which also suggests caution for the up move. TD resistance is found at 1.6925”.
“Currently everything points to this being the longer term end of the move, but given that the market has not broken any significant support, we will assume it remains bid while above 1.6763 - last weeks low”.
Key Quotes
“GBP/USD continues to grind higher and push into new 4 year highs and it remains capable of gains to 1.6900/25 and possibly 1.7041, the August 2009 peak – there are a few warning signs appearing”.
“The daily RSI has not confirmed the new high and we have a 13 count on the 240 minute chart (TD combo), which also suggests caution for the up move. TD resistance is found at 1.6925”.
“Currently everything points to this being the longer term end of the move, but given that the market has not broken any significant support, we will assume it remains bid while above 1.6763 - last weeks low”.