8 May 2014
GBP/USD potential for a test of 1.7041 – Commerzbank
FXStreet (Edinburgh) - The recent upside in the GBP/USD would allow for a visit of the 1.7041 level, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD has currently stalled at 1.70 but we would allow for a challenge of 1.7041, the August 2009 peak”.
“Currently everything points to this being the longer term end of the move, but given that the market has not broken any significant support, we will need a close below the uptrend at 1.6873 to confirm that the market has topped”.
“Above 1.7050 on a closing basis (not favoured) will introduce scope to the 1.7331/50% retracement of the entire move from 2007 to 2009”.
Key Quotes
“GBP/USD has currently stalled at 1.70 but we would allow for a challenge of 1.7041, the August 2009 peak”.
“Currently everything points to this being the longer term end of the move, but given that the market has not broken any significant support, we will need a close below the uptrend at 1.6873 to confirm that the market has topped”.
“Above 1.7050 on a closing basis (not favoured) will introduce scope to the 1.7331/50% retracement of the entire move from 2007 to 2009”.