GBP/USD looking for a break of 1.6915 – Commerzbank

By FXstreet.com | July 31, 2014 AAA

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests that a break of 1.6915 could allow deeper retracements.



Key Quotes



GBP/USD has eroded its 2014 uptrend BUT did not close below there an we await a close below the uptrend at 1.6915 today to confirm the break”.



“Once this has been seen, this will introduce scope to 1.6694/30 then 1.6280/53 the 38.2% retracement of the move from 2013 to 2014 and the 2014 low”.



“Longer term we view the recent peak at1.7195 as a significant top and eventually look for losses back to 1.60”.



“Intraday rallies should terminate circa 1.7000 and remain capped by the 20 day ma at 1.7065”.



comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  3. Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low
    Forex News

    Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low

  4. GBP/USD nervous below 1.6200, waiting for data
    Forex News

    GBP/USD nervous below 1.6200, waiting for data

  5. Dollar’s Current Bull Leg Strongest since Rally Through Crisis
    Forex News

    Dollar’s Current Bull Leg Strongest since Rally Through Crisis

Trading Center