FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees potential for further GBP strength.



Key Quotes



GBP/USD has eroded the 6 week downtrend, drawn from the 1.6996 May peak, it is attempting to resume its upmove. This is unexpected but yesterdays move looks directional and for now we will go with the upside”.



“Dips lower are indicated to terminate ahead of 1.6850 for an attempt on the 1.6996 recent high and the 1.7041/51 2009 high, 2005 low”.



“Below 1.6850 would alleviate immediate upside pressure but only below 1.6672 (15 April low) will negate it”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/USD bounces sharply from lows to highs

  2. Forex News

    GBP positioning reveals shorts are shrinking – Danske Bank

  3. Forex News

    Range in USDOLLAR Index Offers Opportunities on Both Sides This Week

  4. Forex News

    GBP/USD stuck below 1.5600

  5. Forex News

    GBP/USD capped below 1.5600 post UK data

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!