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Forex pairs in this Article » GBP/USD (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD last week eroded and closed above the 1.6370 December 2012 high.

Key Quotes

“The close above here is key as this has introduced scope to the 1.6634/1.6745. The 200 month ma, a 15 year pivot line and the April 2011 high.”

“We note that the 2140 minute RSI does not confirm the recent high and dips lower will find initial support at 1.6259/55 the highs from October and then the 55 day ma at 1.6099.”

“However we will need a close below the 1.6017 4 month support line in order to alleviate immediate upside pressure.”
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