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”.



You May Also Like

Related Forex Analysis
  1. Recap: The Good, the Bad and the Ugly US Dollar on today's session
    Forex News

    Recap: The Good, the Bad and the Ugly US Dollar on today's session

  2. Is Sterling making a come back? - FXStreet
    Forex News

    Is Sterling making a come back? - FXStreet

  3. Video: Breakout Risk for EURUSD, GBPUSD and USDJPY
    Forex News

    Video: Breakout Risk for EURUSD, GBPUSD and USDJPY

  4. GBP/USD 20 DMA and Channel Serve as Reference Points
    Forex News

    GBP/USD 20 DMA and Channel Serve as Reference Points

  5. GBP/USD recovering in over bearishly steep channel
    Forex News

    GBP/USD recovering in over bearishly steep channel

Trading Center