4 Nov 2013
Flash: GBP/USD at initial support at 1.5915/1.5895 – Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst at Commerzbank, feels that the GBP/USD not only eroded its 3 month uptrend last week, but starts this week with the 1.5895 mid October low exposed.
Key Quotes
“A close below here will complete a double top pattern with a minimum downside measurement to 1.5535. Given the close proximity of the 200 day ma at 1.5488 to this target zone this makes a good initial downside target.”
“Rallies will find initial resistance at the 20 day at 1.6064 and should now be contained by 1.6080.”
Key Quotes
“A close below here will complete a double top pattern with a minimum downside measurement to 1.5535. Given the close proximity of the 200 day ma at 1.5488 to this target zone this makes a good initial downside target.”
“Rallies will find initial resistance at the 20 day at 1.6064 and should now be contained by 1.6080.”