GBP/USD rallies capped by 1.7018 – Commerzbank

By FXstreet.com | 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”.



comments powered by Disqus
Related Forex Analysis
  1. EUR/USD sitting just above 1.2950 support
    Forex News

    EUR/USD sitting just above 1.2950 support

  2. Yen Gains, Aussie Dollar Falls on Soft Chinese Economic Data
    Forex News

    Yen Gains, Aussie Dollar Falls on Soft Chinese Economic Data

  3. USD/JPY drifting lower, but still well above 107.00
    Forex News

    USD/JPY drifting lower, but still well above 107.00

  4. Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping
    Forex News

    Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping

  5. USD/JPY Technical Analysis: Prices Set New Six-Year High
    Forex News

    USD/JPY Technical Analysis: Prices Set New Six-Year High

Trading Center