11 Nov 2013
GBP/USD holds the 61.8% retracement at 1.6122 3 times - Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank suggests that GBP/USD tested and failed at the 61.8% retracement at 1.6122 3 times last week (of the move down from the 1.6255 peak).
Key Quotes
“This reinforces resistance here and the market should come under pressure this week. It has held the initial test of the 55 day ma at 1.5958 but this should be eroded shortly for attention to revert to the 1.5895 support.”
“We regard the pattern as a potential double top and a close below 1.5895 will complete the pattern to offer a minimum downside measurement to 1.5535. Given the close proximity of the 200 day ma at 1.5494 to this target zone this makes a good initial downside target.”
Key Quotes
“This reinforces resistance here and the market should come under pressure this week. It has held the initial test of the 55 day ma at 1.5958 but this should be eroded shortly for attention to revert to the 1.5895 support.”
“We regard the pattern as a potential double top and a close below 1.5895 will complete the pattern to offer a minimum downside measurement to 1.5535. Given the close proximity of the 200 day ma at 1.5494 to this target zone this makes a good initial downside target.”