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11 Sep 2013
Flash: GBP/USD trying to break up - Commerzbank
FXstreet.com (London) - Karen Jones, chief analyst at Commerzbank explains that GBP/USD is trying to break through the 1.5716/52 resistance area, the recent high and the high made in June.
Key Quotes:
“In this vicinity we also find the 200 week ma and the 61.8% retracement of the move seen in 2013”.
“The risk remains for failure here. If not, the 1.5800 region will be in focus”.
“While above the 1.5541 2 month up channel, we remain unable to rule out further upside probes and only a close below here will negate current upside pressure and allow for a slide back to the 1.5430/24 recent lows and then 1.5104 the August low”.
“Current trade: Short at 1.5680 and at 1.5715. Recommended Trade: Stop 1.5755 and target at 1.5110”.
Key Quotes:
“In this vicinity we also find the 200 week ma and the 61.8% retracement of the move seen in 2013”.
“The risk remains for failure here. If not, the 1.5800 region will be in focus”.
“While above the 1.5541 2 month up channel, we remain unable to rule out further upside probes and only a close below here will negate current upside pressure and allow for a slide back to the 1.5430/24 recent lows and then 1.5104 the August low”.
“Current trade: Short at 1.5680 and at 1.5715. Recommended Trade: Stop 1.5755 and target at 1.5110”.