GBP/USD rallies to fade near 1.7035 – Commerzbank

By FXstreet.com | July 28, 2014 AAA

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts would run out of steam near 1.7035.



Key Quotes



GBP/USD’s failure at the 1.7195 resistance is increasingly looking like that was the end of the bull move It has broken down as expected from its expanding top formation”.



“Intraday we would allow for a small rebound from the 1.6955/55 day ma, but note intraday rallies are indicated to terminate circa 1.7035 and remain capped by the 20 day ma at 1.7099”.



“We look for losses back to the 1.6900 2014 uptrend and the risk has increased that we will see a break below here now also”.



“Failure will trigger losses to 1.6694/30 then 1.6280/53 the 38.2% retracement of the move from 2013 to 2014 and the 2014 low”.



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY in no mood for deep decline; settled at 108.80
    Forex News

    USD/JPY in no mood for deep decline; settled at 108.80

  2. EUR/USD attempts to develop upside correction
    Forex News

    EUR/USD attempts to develop upside correction

  3. Pound has room to extend latest gains - JPMorgan
    Forex News

    Pound has room to extend latest gains - JPMorgan

  4. USD positioning largely unchanged in the lead-up to FOMC - ANZ
    Forex News

    USD positioning largely unchanged in the lead-up to FOMC - ANZ

  5. EUR/USD bears in full control - JPMorgan
    Forex News

    EUR/USD bears in full control - JPMorgan

Trading Center