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Forex pairs in this Article » GBP/USD (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that the GBP/USD upmove is looking a bit tired but currently the market remains capable of further gains.

Key Quotes

“Key nearby support are the previous highs seen at 1.6255/59 and while above here we are unable to rule out scope for a move to 1.6634/1.6735.”

“Elliott wave counts across the spectrum suggest that this is the end of the move and that the topside should be limited to 1.6565, so not convinced we have much
higher on the topside BUT equally no sign of reversal yet – we will await a further signal before recommending a trade.”

“Key near term support is the 1.6259/55 previous highs from October, as failure here will cast attention back to the 5 month uptrend at 1.6099. A close below here will re-target the 1.5855 November low.”
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