Forex Flash: GBP/USD with 7-month uptrend exposed at 1.5951 - Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts see the 1.5951 (7-month uptrend) exposed after the erosion of the 6 month uptrend drawn from the July 2012 low. Failure there could lead to the 1.5830 November low, the 55 and 200 week ma, at 1.5863/38.

“The market is viewed as having topped out last week – it reversed just ahead of the 1.6452 2009-2013 downtrend and together with the large divergence of both the daily and weekly RSI’s, suggests that the market has topped”, wrote analyst Karen Jones, expecting rallies to find interim resistance at 1.6135/80 that keeps the immediate downside bias.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS