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Forex pairs in this Article » GBP/USD (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD started the year under pressure and we look for further downside moves this week.

Key Quotes

“The market recently failed to maintain a minor break of 1.6600 and has charted a key day reversal. This coupled with the triple divergence of the daily and weekly RSI and the 13 count on the TD combo both suggest that this is a significant failure and is likely to have topped short term.”

“Intraday rallies should remain thwarted by 1.6410/30. Near term loss of the 20 day ma has been seen and should trigger another leg lower today.”

“A close below support at 1.6259/1.6307 (support line and October high) is needed to alleviate immediate upside pressure and re-target the 1.5855 November low, but our feel ing is that that this should hold the initial test.”
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