4 Sep 2013
Flash: GBP/USD probing at the 1.5605 April high - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD’ s rally has faltered ahead of the 1.5605 April high and could allow for a slide back to the 1.5476 2 month up channel.
Key Quotes
The recent reversal just ahead of the June peak at 1.5716 suggests an interim top is likely to be in place. HOWEVER for this to be confirmed it will have to fall through (and preferably close below) the channel support. This will trigger losses initially to the 1.5104 August low.”
“Above 1.5605 will force us to the sidelines as this will suggest a retest of the 1.5716/52 – the recent high and the high made in June.”
Key Quotes
The recent reversal just ahead of the June peak at 1.5716 suggests an interim top is likely to be in place. HOWEVER for this to be confirmed it will have to fall through (and preferably close below) the channel support. This will trigger losses initially to the 1.5104 August low.”
“Above 1.5605 will force us to the sidelines as this will suggest a retest of the 1.5716/52 – the recent high and the high made in June.”