3 Feb 2014
Flash: GBP/USD uptrend at 1.6430 is being eroded - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD ground slowly lower all week, it has started to erode the 2013-2014 1.6430 uptrend and we start this week with a negative bias.
Key Quotes
“A close below the 1.6259 support should be enough to signal losses to the 1.5855 November low."
"We suspect that the market has topped BUT we will need to see a close below the 1.6430 uptrend to confirm the market has failed (and preferably below the 1.6259 September high)."
"Please note the weekly RSI has diverged and we have a TD perfected set up on the weekly, this in conjunction with a key day reversal suggests we have also topped."
Key Quotes
“A close below the 1.6259 support should be enough to signal losses to the 1.5855 November low."
"We suspect that the market has topped BUT we will need to see a close below the 1.6430 uptrend to confirm the market has failed (and preferably below the 1.6259 September high)."
"Please note the weekly RSI has diverged and we have a TD perfected set up on the weekly, this in conjunction with a key day reversal suggests we have also topped."