1 Dec 2014
GBP/USD again failed at the 1.5859 4 month downtrend – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that GBP/USD pair failed to break the resistance at 1.5855 - 1.5859 levels, keeping the negative bias intact.
Key Quotes
“GBP/USD no change, the market is expected to find good resistance offered by the 1.5855 November 2013 low and the 1.5859 four month downtrend line. Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact.”
“While capped by the downtrend the 1.5595/92 lows remain in focus. These are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”
Key Quotes
“GBP/USD no change, the market is expected to find good resistance offered by the 1.5855 November 2013 low and the 1.5859 four month downtrend line. Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact.”
“While capped by the downtrend the 1.5595/92 lows remain in focus. These are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”