5 May 2014
GBP/USD end of the up move? – Commerzbank
FXStreet (Edinburgh) -According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the current correction lower could extend to 1.6837 ahead of 1.6671.
Key Quotes
“GBP/USD failed just ahead of TD resistance at 1.6925 last week, given that the new high was accompanied by triple divergence we continue to suspect this may well be the end of the move”.
“We were fortunate to sell the market on Friday and now wait to see if it will take out the near term uptrend support at 1.6837 and trigger losses to the more important 1.6671 6 month uptrend”.
Key Quotes
“GBP/USD failed just ahead of TD resistance at 1.6925 last week, given that the new high was accompanied by triple divergence we continue to suspect this may well be the end of the move”.
“We were fortunate to sell the market on Friday and now wait to see if it will take out the near term uptrend support at 1.6837 and trigger losses to the more important 1.6671 6 month uptrend”.