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21 May 2014
GBP/USD doors open for a test of 1.6751/32 - Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Senior Technical Analysis at Commerzbank, the GBP/USD could test the area of 1.6751/32.
Key Quotes
“GBP/USD has inched very slightly higher but is still viewed negatively”.
“The 240 minute chart is suggesting that the market will fail circa 1.6845/65. This would leave the market well placed to retest the 6 month uptrend and 55 day ma at 1.6751/32”.
“Longer term failure circa 1.7000 makes us believe that a major top is in the process of being formed”.
“Above 1.6849/65 would suggest a retest of 1.6900/37 but we do not anticipate a retest of 1.7000”.
Key Quotes
“GBP/USD has inched very slightly higher but is still viewed negatively”.
“The 240 minute chart is suggesting that the market will fail circa 1.6845/65. This would leave the market well placed to retest the 6 month uptrend and 55 day ma at 1.6751/32”.
“Longer term failure circa 1.7000 makes us believe that a major top is in the process of being formed”.
“Above 1.6849/65 would suggest a retest of 1.6900/37 but we do not anticipate a retest of 1.7000”.