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14 Feb 2014
Flash: GBP/USD in marginal new highs for the year - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has charted marginal new highs for the year.
Key Quotes
“The market is approaching tough long term resistance at 1.6657/1.6745 inter- year pivot line and the 200 month ma. Some caution is warranted – we have aTD perfected set up on the weekly chart, a 13 count on the daily chart and TD resistance circa 1.6790. We also note that the new high has not been confirmed by the daily RSI.”
“The market is bid intraday above 1.6510, however it is the 1.6259/29 support which remains key (September high and the 23.6% retracement of the move up from July 2013). A close below the 1.6259/29 support is needed to signal another leg lower to the 1.5855 November low.”
Key Quotes
“The market is approaching tough long term resistance at 1.6657/1.6745 inter- year pivot line and the 200 month ma. Some caution is warranted – we have aTD perfected set up on the weekly chart, a 13 count on the daily chart and TD resistance circa 1.6790. We also note that the new high has not been confirmed by the daily RSI.”
“The market is bid intraday above 1.6510, however it is the 1.6259/29 support which remains key (September high and the 23.6% retracement of the move up from July 2013). A close below the 1.6259/29 support is needed to signal another leg lower to the 1.5855 November low.”