12 Dec 2013
Flash: GBP/USD bearish engulfing and complex divergence - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that the GBP/USD upmove continues to look tired, we have a bearish engulfing pattern, and complex divergence of the daily RSI and we suspect that we will see a dip back to key support at 1.6259/55.
Key Quotes
“Elliott wave counts across the spectrum suggest that this is the end of the move and that the topside should be limited to 1.6565, so not convinced we have much higher on the topside.”
“Key near term support is the 1.6259/55 previous highs from October, as failure here will cast attention back to the 5 month uptrend at 1.6110. A close below here will re-target the 1.5855 November low.”
Key Quotes
“Elliott wave counts across the spectrum suggest that this is the end of the move and that the topside should be limited to 1.6565, so not convinced we have much higher on the topside.”
“Key near term support is the 1.6259/55 previous highs from October, as failure here will cast attention back to the 5 month uptrend at 1.6110. A close below here will re-target the 1.5855 November low.”