26 Sep 2013
Flash: GBP/USD trades back above the 1.6000 mark but 1.6160 should cap – Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank suggests that the GBP/USD seems to have found short term support at 1.5954.
Key Quotes
“While a weekly TD perfected set up exists AND the 2009-2013 downtrend at 1.6331 directly overhead caps, the risk remains on the downside. Attention shifts to the 1.5735 3 month uptrend while the current September high at 1.6160 caps.”
“The market will need to close below here to confirm that it has topped short term and trigger losses to 1.5430, then 1.5104.”
Key Quotes
“While a weekly TD perfected set up exists AND the 2009-2013 downtrend at 1.6331 directly overhead caps, the risk remains on the downside. Attention shifts to the 1.5735 3 month uptrend while the current September high at 1.6160 caps.”
“The market will need to close below here to confirm that it has topped short term and trigger losses to 1.5430, then 1.5104.”