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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 has shot higher following a drop in the unemployment rate.

Key Quotes

“The market has recently broken up from a small falling wedge pattern, which offers a possible upside measured target to 1.6690.”

“Directly above lies the 1.6603 the January high and then the 1.6635 200 month ma and we have a long term pivot line at 1.6657 we suspect that the market will struggle to make much impression above this mid 1.6600 region.”

“We have re-drawn the support line and will assume an upside bias above 1.6354. initial support lies at 1.6450.”
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