17 Jan 2014
Flash: GBP/USD uptrend break leaves Sept high exposed - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has recently severed the 6 month uptrend, and we would like to see some further follow through weakness today.
Key Quotes
“This leaves the 1.6259 October high exposed. My intraday charts are suggesting that the market may hold in this vicinity on the initial test.”
“However a close below here would be enough to adopt a more aggressive negative stance and target the 1.5855 November low.”
“We suspect intraday rallies will now struggle to regain 1.6500/20 and we view the recent peak at 1.6603 as an interim top.”
Key Quotes
“This leaves the 1.6259 October high exposed. My intraday charts are suggesting that the market may hold in this vicinity on the initial test.”
“However a close below here would be enough to adopt a more aggressive negative stance and target the 1.5855 November low.”
“We suspect intraday rallies will now struggle to regain 1.6500/20 and we view the recent peak at 1.6603 as an interim top.”