GBP/USD potential failure ahead? – Commerzbank

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, notes the pair could struggle to advance further from current levels.



Key Quotes



GBP/USD charted an outside day to the topside yesterday –but only just!”.



“The new high has not been confirmed by the daily RSI. We cannot rule out further stabs higher but look for the market to now struggle”.



“Above 1.7205 will trigger a move to the 50% retracement at 1.7331 (of the move down from the 2007 peak)”.



“Initial support lies at 1.7061, the 20thJune high. Given that we also have a Fibonacci extension coming in just above 1.7300 we favour profit taking in this vicinity and are loathe to chase this higher”.



comments powered by Disqus
Related Forex Analysis
  1. Session Recap: Artificial growth does not feed the USD
    Forex News

    Session Recap: Artificial growth does not feed the USD

  2. GBP/USD flew above 1.6000, but it was forced to land
    Forex News

    GBP/USD flew above 1.6000, but it was forced to land

  3. GBP/USD Rally Rejected at Trendline
    Forex News

    GBP/USD Rally Rejected at Trendline

  4. US Dollar Forecast to Rally Further, but Why Have Risks Grown?
    Forex News

    US Dollar Forecast to Rally Further, but Why Have Risks Grown?

  5. Japanese Yen Remains a sell versus GBP
    Forex News

    Japanese Yen Remains a sell versus GBP

Trading Center