24 Oct 2013
Flash: GBP/USD looking for failure 1.6255 – 1.6290 – Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank, mentions that the GBP/USD are suggesting the market should fail circa 1.6255/90.
Key Quotes
“This represents the October high – and this together with the 1.6302/69 2012 highs and 2009-13 resistance line should act in unison to offer some tough overhead resistance for the market. We are alert to failure at this critical zone and note the 13 count on the daily chart from the TD combo indicator.”
“We have a 3 month uptrend at 1.5984 and failure here will trigger losses to last weeks low and initial Fibo support at 1.5896/1.5915. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5705 and possibly 1.5535, the 50% retracement.”
Key Quotes
“This represents the October high – and this together with the 1.6302/69 2012 highs and 2009-13 resistance line should act in unison to offer some tough overhead resistance for the market. We are alert to failure at this critical zone and note the 13 count on the daily chart from the TD combo indicator.”
“We have a 3 month uptrend at 1.5984 and failure here will trigger losses to last weeks low and initial Fibo support at 1.5896/1.5915. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5705 and possibly 1.5535, the 50% retracement.”