5 Dec 2013
Flash: GBP/USD holding uptrend support at 1.6344 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that although she acknowledges that GBP/USD has closed over 1.6370, it is not exactly dynamic and is merely sitting on trendline support at 1.6344, and she would like to see some follow through buying to confirm.
Key Quotes
“At this stage however we are unable to rule out scope for a move to 1.6634/1.6735. Currently intraday charts are giving conflicting signals but we suspect that downside risks are growing.”
“Key near term support is the 1.6259/55 previous highs from October, as failure here will cast attention back to the 5 month uptrend at 1.6052. A close below here will re-target the 1.5855 November low.”
Key Quotes
“At this stage however we are unable to rule out scope for a move to 1.6634/1.6735. Currently intraday charts are giving conflicting signals but we suspect that downside risks are growing.”
“Key near term support is the 1.6259/55 previous highs from October, as failure here will cast attention back to the 5 month uptrend at 1.6052. A close below here will re-target the 1.5855 November low.”