14 Nov 2013
Flash: GBP/USD looking for resistance at 1.6072/1.6125 to cap - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has bounced back into its range but has not dislodged any resistance of note.
Key Quotes
“Initial resistance is the 1.6062 resistance line and the 20 day ma at 1.6072, this guards the more important 1.6122 resistance. We continue to wait for a CLOSE below 1.5895 to confirm that the market has topped.”
“While this may provoke a couple more days of consolidation, we remain bearish. We regard the pattern as a potential double top and a close below 1.5895 will complete the pattern to offer a minimum downside measurement to 1.5535.”
“Given the close proximity of the 200 day ma at 1.5496 to this target zone this makes a good initial downside target. Above 1.6125/60 would allow for a retest of the recent highs at 1.6255/60.”
Key Quotes
“Initial resistance is the 1.6062 resistance line and the 20 day ma at 1.6072, this guards the more important 1.6122 resistance. We continue to wait for a CLOSE below 1.5895 to confirm that the market has topped.”
“While this may provoke a couple more days of consolidation, we remain bearish. We regard the pattern as a potential double top and a close below 1.5895 will complete the pattern to offer a minimum downside measurement to 1.5535.”
“Given the close proximity of the 200 day ma at 1.5496 to this target zone this makes a good initial downside target. Above 1.6125/60 would allow for a retest of the recent highs at 1.6255/60.”