28 Apr 2014
GBP/USD showing resilience – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the GBP/USD could visit 1.6900 in case it surpasses 1.6840.
Key quotes
“GBP/USD last week failed 3 times at the 1.6842 high and the risk has increased that we will see failure here”.
“However we are surprised by the markets resilience - dips will find minor support at 1.6680/72, ahead of trend line support at 1.6638 and key support at 1.6470. We will need to break at least the uptrend to negate the current push higher”.
“Above 1.6840 would allow for an extension to 1.6900 possibly 1.7041, the August 2009 peak ahead of failure (this is less favoured)”.
Key quotes
“GBP/USD last week failed 3 times at the 1.6842 high and the risk has increased that we will see failure here”.
“However we are surprised by the markets resilience - dips will find minor support at 1.6680/72, ahead of trend line support at 1.6638 and key support at 1.6470. We will need to break at least the uptrend to negate the current push higher”.
“Above 1.6840 would allow for an extension to 1.6900 possibly 1.7041, the August 2009 peak ahead of failure (this is less favoured)”.