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Forex pairs in this Article » GBP/USD
Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD’s rally higher has reached the top of the daily cloud at 1.6438.

Key Quotes

“The rebound is expected to terminate circa 1.6465 ahead of a retest of the 1.6259/29 support (September high and the 23.6% retracement of the move up from July 2013). “

“A close below the 1.6259/29 support should be enough to signal another leg lower to the 1.5855 November low. From a longer term perspective we believe that the market has recently topped.”

“The market has recently failed at tough resistance - the 1.6745 May 2011 peak, the 200 month ma at 1.6635 and the inter-year pivot line at 1.6657. The convergence of resistance at this juncture together with the TD perfected set up on the weekly chart all suggests that the market has topped.”
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