18 Nov 2013
Flash: GBP/USD nears minor resistance at 1.6160 - Commerzbank
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that GBP/USD continues to strengthen and late last week rose above the 1.6119 November 6 high.
Key Quotes
“The move above here suggests ongoing strength to the mid-September high at 1.6160 and increases the risk of a re-challenge to the 1.6256/59 recent highs. There is still potential for this area to become a top. Therefore another failure here will add weight to that view.”
“Having said that, only a daily close below the current November low at 1.5856 will complete the pattern to offer a minimum downside measurement to 1.5535. The 200 day ma at 1.5503 can also be seen in this vicinity.”
Key Quotes
“The move above here suggests ongoing strength to the mid-September high at 1.6160 and increases the risk of a re-challenge to the 1.6256/59 recent highs. There is still potential for this area to become a top. Therefore another failure here will add weight to that view.”
“Having said that, only a daily close below the current November low at 1.5856 will complete the pattern to offer a minimum downside measurement to 1.5535. The 200 day ma at 1.5503 can also be seen in this vicinity.”