GBP/USD potential profit taking? – Commerzbank

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the likeliness of profit taking in GBP/USD.



Key Quotes



GBP/USD has reached major resistance at 1.7041/51 2009 high, 2005 low, we would allow for some profit taking to be seen here”.



“We note the 13 count on the daily chart and the TD resistance at 1.7062 both suggest that we should allow for initial failure here”.



“Currently the Elliott wave count is suggesting a retracement to 1.6955/30, while above here we would allow for another stab at the 1.7040/65 resistance”.



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