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22 Nov 2013
Flash: GBP/USD probing overhead resistance - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD continues to push into the upper echelons of its trading range.
Key Quotes
“We are not clear at this stage if this is a potential top or not but we are biased towards the top theory, given the 4 year downtrend is located just above here at 1.6305.”
“As a consequence we continue to look for failure at the 1.6256/59 recent highs. Having said that, only a daily close below the current November low at 1.5856 will complete the pattern to offer a minimum downside measurement to 1.5535.”
“The 200 day ma at 1.5511 can also be seen in this vicinity. First, though, the 55 day moving average at 1.6033 is in view.”
Key Quotes
“We are not clear at this stage if this is a potential top or not but we are biased towards the top theory, given the 4 year downtrend is located just above here at 1.6305.”
“As a consequence we continue to look for failure at the 1.6256/59 recent highs. Having said that, only a daily close below the current November low at 1.5856 will complete the pattern to offer a minimum downside measurement to 1.5535.”
“The 200 day ma at 1.5511 can also be seen in this vicinity. First, though, the 55 day moving average at 1.6033 is in view.”