30 Jun 2014
GBP/USD bullish above 1.6920 – Commerzbank
FXStreet (Edinburgh) - The GBP/USD would keep the upside bias as long as the market is above the 1.6920 level, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD last week recovered off 1.6950 and we suspect that we will see major resistance at 1.7041/51 retested, these represent the 2009 high and the 2005 low”.
“Provided that we remain under pinned by the 1.6920 support an immediate upside bias is preserved”.
“Above 1.7065/76 will trigger a move to the 50% retracement at 1.7331 (of the move down from the 2007 peak)”.
Key Quotes
“GBP/USD last week recovered off 1.6950 and we suspect that we will see major resistance at 1.7041/51 retested, these represent the 2009 high and the 2005 low”.
“Provided that we remain under pinned by the 1.6920 support an immediate upside bias is preserved”.
“Above 1.7065/76 will trigger a move to the 50% retracement at 1.7331 (of the move down from the 2007 peak)”.