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Forex pairs in this Article » GBP/USD (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that GBP/USD continues to strengthen and late last week rose above the 1.6119 November 6 high.

Key Quotes

“The move above here suggests ongoing strength to the mid-September high at 1.6160 and increases the risk of a re-challenge to the 1.6256/59 recent highs. There is still potential for this area to become a top. Therefore another failure here will add weight to that view.”

“Having said that, only a daily close below the current November low at 1.5856 will complete the pattern to offer a minimum downside measurement to 1.5535. The 200 day ma at 1.5503 can also be seen in this vicinity.”
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