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 desperate to move away from 107.00
    Forex News

    USD/JPY desperate to move away from 107.00

  2. US Dollar Technical Analysis: Readying to Resume Uptrend?
    Forex News

    US Dollar Technical Analysis: Readying to Resume Uptrend?

  3. GBP/USD goes nowhere ahead of retail sales report
    Forex News

    GBP/USD goes nowhere ahead of retail sales report

  4. EUR/JPY Technical Analysis: Former Resistance Now Support
    Forex News

    EUR/JPY Technical Analysis: Former Resistance Now Support

  5. GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen
    Forex News

    GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen

Trading Center