24 Jul 2014
GBP/USD door open for a test of 1.6889? – Commerzbank
FXStreet (Edinburgh) -In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the weakness surrounding the sterling could drag the pair to lower levels.
Key Quotes
“GBP/USD came under pressure and the outlook remains negative while capped by 1.7205”.
“The market is directly offered below the 20 day ma at 1.7111”.
“The recent high has been accompanied by a large divergence of the daily RSI – this reflects a loss of upside momentum”.
“The key support to crack is the base of the expanding top at 1.7012 (on a closing basis). Intraday rallies are indicated to terminate circa 1.7100/25”.
“We look for losses to extend back to the 2014 uptrend, which today is located at 1.6889”.
Key Quotes
“GBP/USD came under pressure and the outlook remains negative while capped by 1.7205”.
“The market is directly offered below the 20 day ma at 1.7111”.
“The recent high has been accompanied by a large divergence of the daily RSI – this reflects a loss of upside momentum”.
“The key support to crack is the base of the expanding top at 1.7012 (on a closing basis). Intraday rallies are indicated to terminate circa 1.7100/25”.
“We look for losses to extend back to the 2014 uptrend, which today is located at 1.6889”.