30 Oct 2013
Flash: GBP/USD starting to erode the 3month uptrend - Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank, suggests that the GBP/USD has started to erode the 1.6045 3 month uptrend, this is exposed.
Key Quotes
“Rallies are expected to find the 1.6259 early October high and the 1.6302/69 2012 highs and 2009-13 resistance line tough overhead resistance. We are alert to failure at this critical zone and note the 13 count on the daily chart from the TD combo indicator (TD resistance lies at 1.6335) and the large divergence of the daily RSI.”
“Failure at the uptrend will trigger losses to the recent low and initial Fibo support at 1.5896/1.5915. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5705 and possibly 1.5535, the 50% retracement.”
Key Quotes
“Rallies are expected to find the 1.6259 early October high and the 1.6302/69 2012 highs and 2009-13 resistance line tough overhead resistance. We are alert to failure at this critical zone and note the 13 count on the daily chart from the TD combo indicator (TD resistance lies at 1.6335) and the large divergence of the daily RSI.”
“Failure at the uptrend will trigger losses to the recent low and initial Fibo support at 1.5896/1.5915. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5705 and possibly 1.5535, the 50% retracement.”