GBP/USD offered sub-1.6841 – Commerzbank

By FXstreet.com | June 10, 2014 AAA

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the bearish tone to prevail while capped by 1.6841.



Key Quotes



GBP/USD has reacted higher, tested the 5 week downtrend, drawn from the 1.6996 May peak. This is located at 1.6841 today and while capped here the market is directly offered”.



“The rally is viewed as a return to point of break down, but we need to see some follow through selling in the next few days to confirm that view”.



“Slightly longer term, we continue to believe that the market has topped at 1.70.



comments powered by Disqus
Related Forex Analysis
  1. NZD/USD Rebounds After Piercing Line Pattern Offered Bullish Signal
    Forex News

    NZD/USD Rebounds After Piercing Line Pattern Offered Bullish Signal

  2. GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals
    Forex News

    GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals

  3. EUR/USD Descent Stalls As A Doji Candlestick Highlights Hesitation
    Forex News

    EUR/USD Descent Stalls As A Doji Candlestick Highlights Hesitation

  4. USD/JPY recovered from Asian lows at 108.55, but still under pressure
    Forex News

    USD/JPY recovered from Asian lows at 108.55, but still under pressure

  5. AUD/USD Rebounds After Dragonfly Doji Denoted Indecision At 2014 Low
    Forex News

    AUD/USD Rebounds After Dragonfly Doji Denoted Indecision At 2014 Low

Trading Center