24 Mar 2014
GBP/USD 8 month uptrend severed + eroding cloud support - Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD last week eroded the 55 day moving average and the 8 month uptrend and starts this week in a vulnerable state eroding cloud support.
Key Quotes
“We have seen two closes below the 8 month uptrend and this should be enough to to re-focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6 % retracement of the move up from July 2013).”
“We suspect that the 1.6633 20 day ma will now cap intraday rallies. Resistance at 1.6633 guards the 1.6750/1.6822 resistances.
Key Quotes
“We have seen two closes below the 8 month uptrend and this should be enough to to re-focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6 % retracement of the move up from July 2013).”
“We suspect that the 1.6633 20 day ma will now cap intraday rallies. Resistance at 1.6633 guards the 1.6750/1.6822 resistances.