2 May 2016
GBP/USD further gains seen above 1.4664 – Commerzbank
Axel Rudolph, Senior Technical Analyst at Commerzbank, argued the pair needs to close above 1.4664 in order to allow further upside.
Key Quotes
“GBP/USD is pushing hard into the 1.4664 February high which is tough overhead resistance. While it caps, we will retain our overall negative bias”.
“However a daily close above 1.4664 will neutralise our outlook and trigger a move to at least 1.4875 the 200 day ma”.
“Note it is possible that the market has completed a triangle. In order to alleviate immediate upside pressure a drop back here is needed. Below the 55 day moving average lies the 1.4083/05 area where the January and April lows were made”.
Key Quotes
“GBP/USD is pushing hard into the 1.4664 February high which is tough overhead resistance. While it caps, we will retain our overall negative bias”.
“However a daily close above 1.4664 will neutralise our outlook and trigger a move to at least 1.4875 the 200 day ma”.
“Note it is possible that the market has completed a triangle. In order to alleviate immediate upside pressure a drop back here is needed. Below the 55 day moving average lies the 1.4083/05 area where the January and April lows were made”.