Forex: GBP/USD: Pound's rally might be capped at 1.6675/1.6745 band - Commerzbank
Fri, Nov 6 2009, 08:13 GMT
http://www.fxstreet.com
FXstreet.com (Barcelona) - The Pound remains heading north on a strong pace, reaching levels above 1.6600, after soaring 300 pips from Tuesday's low at 1.6260, approaching Oct 23 high at 1.6695, which, according to Karen Jones, technical analyst at Commerzbank, might cap Pound's rally.
The area between 1.6675/1.6745 has proved an strong short-term ceiling, according to Jones: "We look for further probes into the 1.6675/1.6745 band to be limited, this has provoked failure on numerous occasions and it has proved to be an effective short term ceiling. We again look for the near term rally to fail and sell off to the 1.6282/00 support."
Resistance levels, according to Jones, lie at 1.6633, 1.6680/94 and 1.6745/65. On the downside, support levels lie at 1.6555, 1.6465/50 and 1.6281.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Related News
Forex: EUR/USD: Euro rallies past 1.4945/50 area
FXstreet.com | Mon, Nov 23 2009, 07:25 GMT
Asian shares , mixed after a positive opening; Euro rallies
FXstreet.com | Mon, Nov 23 2009, 07:10 GMT
Forex: AUD/NZD up as Aussie gains on Kiwi. Trades at 1.2640
FXstreet.com | Mon, Nov 23 2009, 05:28 GMT
Forex: NZD/USD trading at 0.7276
FXstreet.com | Mon, Nov 23 2009, 05:02 GMT
Forex: AUD/USD falls as profit taking takes place
FXstreet.com | Mon, Nov 23 2009, 04:29 GMT
highlighted, gbpusd, banks, currencies
View AllRelated Content
Forex Market Alerts - ]Chart USD/MYR Update: Intraday trade remains weak by FXMarketAlerts
Mon, Nov 23 2009, 06:01 GMT
Currency Trading News - US Dollar Remains in Downtrend Despite Gains – High Event Risk Next Week by DailyFX
Mon, Nov 23 2009, 05:35 GMT
Forex Market Alerts - NZD, NZD/JPY Flows - Kiwi trades wide range as market ignores local 2nd tier data by FXMarketAlerts
Mon, Nov 23 2009, 04:01 GMT
Market Morning Briefing - Market Morning Briefing by Kshitij Consultancy Service
Mon, Nov 23 2009, 03:32 GMT
Daily Forex Outlook - USD Carry Trade Under Threat by Easy Forex
Mon, Nov 23 2009, 02:59 GMT
highlighted, gbpusd, banks, currencies
View All
日本語
Español
中文
Русский 














