7 May 2014
GBP/USD 1.7041 on sight? – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the possibility of the pair to test 1.7041.
Key Quotes
“GBP/USD has seen an aggressive rally higher and we would allow for a challenge of 1.7041, the August 2009 peak”.
“Currently everything points to this being the longer term end of the move, but given that the market has not broken any significant support, we will need a close below the uptrend at 1.6861 to confirm that the market has topped”.
“We would also mention that we have a TD perfected set up on the monthly chart – we have not seen one of these since May 2010. All are warning signs of the end of the move”.
Key Quotes
“GBP/USD has seen an aggressive rally higher and we would allow for a challenge of 1.7041, the August 2009 peak”.
“Currently everything points to this being the longer term end of the move, but given that the market has not broken any significant support, we will need a close below the uptrend at 1.6861 to confirm that the market has topped”.
“We would also mention that we have a TD perfected set up on the monthly chart – we have not seen one of these since May 2010. All are warning signs of the end of the move”.