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Forex pairs in this Article » GBP/USD
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD continues to sit on the 6 month uptrend, which is located at 1.6377.

Key Quotes

“While it is possible that we will see the market bounce here very near term, we believe that the market has recently topped at 1.6603 and ultimately the trend line will break as the market recently charted a key day reversal.”

“This coupled with the triple divergence of the daily and weekly RSI and the 13 count on the TD combo both suggest that we will see significant failure and is likely to have topped short term.”

“A close below support at 1.6259/1.6377 (support line and October high) is needed to alleviate immediate upside pressure and re-target the 1.5855 November low.”
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