26 May 2014
GBP/USD a surpass of 1.7000 seems unlikely – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, thinks it would be difficult for the GBP/USD to break above 1.7000 the figure.
Key Quotes
“GBP/USD eased lower towards the end of the week and while this alleviates immediate upside pressure we will need a close below the uptrend channel at 1.6771 to confirm that the market has topped”.
“Can we overcome 1.7000? We don’t think so. However signals are conflicting. Longer term failure circa 1.7000 makes us believe that a major top is in the process of being formed”.
“Below support at 1.6732 (mid May low) lie the 1.6683/72 late March high and the mid-April low and then 1.6794 the 23.6% retracement if the 2013-2014 move”.
Key Quotes
“GBP/USD eased lower towards the end of the week and while this alleviates immediate upside pressure we will need a close below the uptrend channel at 1.6771 to confirm that the market has topped”.
“Can we overcome 1.7000? We don’t think so. However signals are conflicting. Longer term failure circa 1.7000 makes us believe that a major top is in the process of being formed”.
“Below support at 1.6732 (mid May low) lie the 1.6683/72 late March high and the mid-April low and then 1.6794 the 23.6% retracement if the 2013-2014 move”.