26 Nov 2013
GBP attempting the 1.62 handle
FXstreet.com (Barcelona) - GBP/USD has continued higher to test the upside of the 1.62 handle.
GBP/USD got a lift from the US Consumer Confidence data that was poor at 70.4 vs 72.90. The pair is attempting the 1.62 handle again. However, strategists at Commerzbank noted the pairs behavior previously; “GBP/USD has failed for the third time at the top of its 2 month trading range at 1.6255/59” We note the TD perfected set up on the TD combo and maintain that this is a potential top, given the 4 year downtrend is located just above here at 1.6301. As a consequence we continue to look for failure here at the 1.6256/59 recent highs”.
GBP/USD Levels
The 20 DMA is 1.6065, the 50 DMA is 1.6076 and the 200 DMA 1.5518. Supports are ascending from 1.6060, 1.6072, 1.6093 and 1.6118. Spot is currently 1.6200 while resistances are 1.6205, 1.6223 and 1.6241.
GBP/USD got a lift from the US Consumer Confidence data that was poor at 70.4 vs 72.90. The pair is attempting the 1.62 handle again. However, strategists at Commerzbank noted the pairs behavior previously; “GBP/USD has failed for the third time at the top of its 2 month trading range at 1.6255/59” We note the TD perfected set up on the TD combo and maintain that this is a potential top, given the 4 year downtrend is located just above here at 1.6301. As a consequence we continue to look for failure here at the 1.6256/59 recent highs”.
GBP/USD Levels
The 20 DMA is 1.6065, the 50 DMA is 1.6076 and the 200 DMA 1.5518. Supports are ascending from 1.6060, 1.6072, 1.6093 and 1.6118. Spot is currently 1.6200 while resistances are 1.6205, 1.6223 and 1.6241.