GBP/USD upside exhausted? – Commerzbank
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FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the corrective upside in the pair could be coming to an end.
Key Quotes
“GBP/USD has eroded its short term uptrend and we will assume that the correction higher we have seen since September is running out of steam”.
“We look for losses to 1.6163/54 ahead of the 1.6053 recent low. Longer term we look for losses back to 1.6007/00 (200 week ma and 50% retracement of the move up from 2013) then 1.5721 the 61.8% retracement of the move from 2013”.
“The daily chart has a downtrend at 1.6456 and while capped here it remains directly offered. Key resistance is 1.6644/46 – the September high and the 200 month ma. This together with the 200 day ma at 1.6690 is expected to cap the topside”.
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