23 Jan 2014
Flash: GBP/USD target mid 1.6600 region - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has shot higher following a drop in the unemployment rate.
Key Quotes
“The market has recently broken up from a small falling wedge pattern, which offers a possible upside measured target to 1.6690.”
“Directly above lies the 1.6603 the January high and then the 1.6635 200 month ma and we have a long term pivot line at 1.6657 we suspect that the market will struggle to make much impression above this mid 1.6600 region.”
“We have re-drawn the support line and will assume an upside bias above 1.6354. initial support lies at 1.6450.”
Key Quotes
“The market has recently broken up from a small falling wedge pattern, which offers a possible upside measured target to 1.6690.”
“Directly above lies the 1.6603 the January high and then the 1.6635 200 month ma and we have a long term pivot line at 1.6657 we suspect that the market will struggle to make much impression above this mid 1.6600 region.”
“We have re-drawn the support line and will assume an upside bias above 1.6354. initial support lies at 1.6450.”