17 Jun 2014
GBP/USD bullish above 1.6890 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the bid tone to remain above the 1.6890 level.
Key Quotes
“GBP/USD is struggling to maintain a foothold above 1.7000. the new high of 1.7011 has not been confirmed by the daily RSI and currently we would allow for a small retracement”.
“Dips lower are indicated to terminate ahead of 1.6945/05 for an attempt on the 1.7041/51 2009 high, 2005 low”.
“The risk has increased for a break above here and possible gains to the 50% retracement at 1.7330 (from 2007 peak) on a close above 1.7051”.
“Below 1.6890 would alleviate immediate upside pressure but only below 1.6672 (15 April low) will negate it.
Key Quotes
“GBP/USD is struggling to maintain a foothold above 1.7000. the new high of 1.7011 has not been confirmed by the daily RSI and currently we would allow for a small retracement”.
“Dips lower are indicated to terminate ahead of 1.6945/05 for an attempt on the 1.7041/51 2009 high, 2005 low”.
“The risk has increased for a break above here and possible gains to the 50% retracement at 1.7330 (from 2007 peak) on a close above 1.7051”.
“Below 1.6890 would alleviate immediate upside pressure but only below 1.6672 (15 April low) will negate it.