31 Jan 2014
Flash: GBP/USD attention is on the uptrend at 1.6419 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD’s outlook has at last turned more negative.
Key Quotes
“Fridays reversal at key resistance (1.6635 200 month ma and long term pivot line at 1.6657) suggests that the market may well have topped.”
“However we will need to see a close below the 1.6419 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
“Fridays reversal at key resistance (1.6635 200 month ma and long term pivot line at 1.6657) suggests that the market may well have topped.”
“However we will need to see a close below the 1.6419 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.”