7 Jul 2014
GBP/USD end of the upmove? – Commerzbank
FXStreet (Edinburgh) - According to technical studies, the current upside in the GBP/USD could be in its last phase.
Key Quotes
“GBP/USD last week extended its gains to 1.7180, however we suspect this week will consolidate these gains”.
“The market has a TD perfected set up on the 240 minute chart and a 13 count with TD resistance at 1.7205 and no matter what time frame we look at – all of the Elliott wave counts etc are suggesting this is the end phase of the upmove”.
“We also have a 13 count on the 60 minute chart and TD resistances at 1.7200/05, these are short term sell signals and we would allow for a retracement to 1.70 for now”.
Key Quotes
“GBP/USD last week extended its gains to 1.7180, however we suspect this week will consolidate these gains”.
“The market has a TD perfected set up on the 240 minute chart and a 13 count with TD resistance at 1.7205 and no matter what time frame we look at – all of the Elliott wave counts etc are suggesting this is the end phase of the upmove”.
“We also have a 13 count on the 60 minute chart and TD resistances at 1.7200/05, these are short term sell signals and we would allow for a retracement to 1.70 for now”.