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Forex pairs in this Article » GBP/USD (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD continues to push into the upper echelons of its trading range.

Key Quotes

“We are not clear at this stage if this is a potential top or not but we are biased towards the top theory, given the 4 year downtrend is located just above here at 1.6305.”

“As a consequence we continue to look for failure at the 1.6256/59 recent highs. 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 1.5511 can also be seen in this vicinity. First, though, the 55 day moving average at 1.6033 is in view.”
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