28 Oct 2013
Flash: GBP/USD looking for failure 1.6255/1.6335 - Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank mentions that the GBP/USD spent last week probing the 1.6259 early October high.
Key Quotes
“This together with the 1.6302/69 2012 highs and 2009-13 resistance line should act in unison to offer some tough overhead resistance for the market.”
“We are alert to failure at this critical zone and note the 13 count on the daily chart from the TD combo indicator (TD resistance lies at 1.6335) and the divergence of the daily RSI.”
“We have a 3 month uptrend at 1.6014 and failure here will trigger losses to last weeks low and initial Fibonacci support at 1.5896/1.5915. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5705 and possibly 1.5535, the 50% retracement.”
Key Quotes
“This together with the 1.6302/69 2012 highs and 2009-13 resistance line should act in unison to offer some tough overhead resistance for the market.”
“We are alert to failure at this critical zone and note the 13 count on the daily chart from the TD combo indicator (TD resistance lies at 1.6335) and the divergence of the daily RSI.”
“We have a 3 month uptrend at 1.6014 and failure here will trigger losses to last weeks low and initial Fibonacci support at 1.5896/1.5915. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5705 and possibly 1.5535, the 50% retracement.”