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1 Aug 2014
GBP/USD focus on 1.6694/80 – Commerzbank
FXStreet (Edinburgh) - The recent price action suggests the pair might visit the 1.6694/80 band, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD has closed below its 2014 uptrend – this is negative price action and introduces scope to 1.6694/80 then 1.6280/53 the 38.2% retracement of the move from 2013 to 2014 and the 2014 low”.
“Longer term we view the recent peak at 1.7195 as a significant top and eventually look for losses back to 1.60”.
“Intraday rallies should terminate circa 1.6935/65 and remain capped by the 20 day ma at 1.7048”.
Key Quotes
“GBP/USD has closed below its 2014 uptrend – this is negative price action and introduces scope to 1.6694/80 then 1.6280/53 the 38.2% retracement of the move from 2013 to 2014 and the 2014 low”.
“Longer term we view the recent peak at 1.7195 as a significant top and eventually look for losses back to 1.60”.
“Intraday rallies should terminate circa 1.6935/65 and remain capped by the 20 day ma at 1.7048”.