29 Apr 2014
GBP/USD bid above 1.6763 – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the bid tone would remain as long as the GBP/USD trades above 1.6763.
Key Quotes
“It is showing few signs of reversal and remains capable of gains to 1.6900/25 and possibly 1.7041, the August 2009 peak ahead of failure”.
“Although we do note cracks are appearing -the daily RSI has not confirmed the new high and we have a 13 count on the 240 minute chart (TD combo), which also suggests caution in the upmove”.
“Currently everything points to this being the longer term end of the move, but given that the market has not broken any significant support, we will assume it remains bid while above 1.6763 - last weeks low”.
Key Quotes
“It is showing few signs of reversal and remains capable of gains to 1.6900/25 and possibly 1.7041, the August 2009 peak ahead of failure”.
“Although we do note cracks are appearing -the daily RSI has not confirmed the new high and we have a 13 count on the 240 minute chart (TD combo), which also suggests caution in the upmove”.
“Currently everything points to this being the longer term end of the move, but given that the market has not broken any significant support, we will assume it remains bid while above 1.6763 - last weeks low”.