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”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/USD Technical Analysis: Range Bottom Gives Way

  2. Forex News

    Video: Will the Market Move on NFPs with Liquidity, Greece Hanging Over It?

  3. Forex News

    Key Levels to Know on USD Majors Heading into NFPs and July Trade

  4. Forex News

    GBP/USD heavily bearish; smashed down to 2-week lows

  5. Forex News

    GBP/USD: rising wedge patter? 1.5550 to trigger major losses - CB

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!