6 May 2014
GBP/USD keeps the bid tone – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains well bid tat current levels.
Key Quotes
“GBP/USD remains immediately bid, but the market failed just ahead of TD resistance at 1.6925 last week, given that the new high was accompanied by triple divergence we continue to suspect this may well be the end of the move”.
“Above 1.6925 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 to confirm that the market has topped”.
Key Quotes
“GBP/USD remains immediately bid, but the market failed just ahead of TD resistance at 1.6925 last week, given that the new high was accompanied by triple divergence we continue to suspect this may well be the end of the move”.
“Above 1.6925 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 to confirm that the market has topped”.