3 May 2016
GBP/USD risks further gains above 1.4695 – Commerzbank
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair could visit 1.4871 following a daily close above 1.4695.
Key Quotes
“GBP/USD is pushing hard into the 1.4664 February high which is tough overhead resistance”.
“While the current May high at 1.4695 high caps on a daily chart closing basis, we will retain our overall negative bias. However a rise and daily close above 1.4695 will neutralise our outlook and trigger a move to at least 1.4871, 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 to the 55 day ma at 1.4267 is needed”.
Key Quotes
“GBP/USD is pushing hard into the 1.4664 February high which is tough overhead resistance”.
“While the current May high at 1.4695 high caps on a daily chart closing basis, we will retain our overall negative bias. However a rise and daily close above 1.4695 will neutralise our outlook and trigger a move to at least 1.4871, 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 to the 55 day ma at 1.4267 is needed”.