GBP/USD rallies capped by 1.7018 – Commerzbank

By FXstreet.com | Updated August 05, 2014 AAA

FXStreet (Edinburgh) - The area of 1.7018 would likely cap the bullish attempts of the pair, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.



Key Quotes



GBP/USD as we warned yesterday - the daily RSI had reached oversold and we had a TD perfected set up on the daily”.



“This suggested to us that a near term rebound was increasingly likely. Rallies are indicated to terminate circa 1.6905/60 and remain capped by the 20 day ma at 1.7018”.



“We remain longer term bearish and continue to view the 1.7190 peak as an interim top fro the market”.



“Initial target is 1.6694/80 then 1.6280/53 the 38.2% retracement of the move from 2013 to 2014 and the 2014 low. Longer term we eventually look for losses back to 1.60”.



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