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28 Nov 2013
Flash: GBP/USD resistance at 1.6255/59 eroded – Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has eroded the top of its 2 month trading range at 1.6255/59 and the 4 year downtrend at 1.6301.
Key Quotes
“As a consequence we must allow for a challenge of the 1.6370 December 2012 high. It will need to close above here on a weekly basis to persuade us that this resistance has been overcome.”
“Dips lower will find initial support at the 55 day ma at 1.6081, however we will need a close below the 1.5995 4 month support line in order to alleviate immediate upside pressure. A weekly close above 1.6370 would introduce scope to the 1.6684/1.6714.”
Key Quotes
“As a consequence we must allow for a challenge of the 1.6370 December 2012 high. It will need to close above here on a weekly basis to persuade us that this resistance has been overcome.”
“Dips lower will find initial support at the 55 day ma at 1.6081, however we will need a close below the 1.5995 4 month support line in order to alleviate immediate upside pressure. A weekly close above 1.6370 would introduce scope to the 1.6684/1.6714.”