10 Apr 2014
GBP/USD poised to encounter the recent high at 1.6822 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has inched higher and this leaves pressure still on the topside and the market capable of retesting the 1.6822 recent high.
Key Quotes
“The Elliott wave count on the 240 minute chart is suggesting scope to 1.6900. Dips will find minor support at 1.6735/20. Ahead of trendline support at 1.6558 and key support at 1.6470.”
“Slightly longer term the weekly and monthly charts are indicating that this is the end of the move however the market could reach 1.7041, the August 2009 peak ahead of failure.”
Key Quotes
“The Elliott wave count on the 240 minute chart is suggesting scope to 1.6900. Dips will find minor support at 1.6735/20. Ahead of trendline support at 1.6558 and key support at 1.6470.”
“Slightly longer term the weekly and monthly charts are indicating that this is the end of the move however the market could reach 1.7041, the August 2009 peak ahead of failure.”