9 May 2014
GBP/USD end of the up move looming? – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the likeliness of the upside in GBP/USD to be near its end.
Key Quotes
“GBP/USD continues to stall at 1.70. 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 1.6885 to confirm that the market has topped”.
“We note the 13 count on the weekly chart and TD resistance at 1.7015. 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 continues to stall at 1.70. 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 1.6885 to confirm that the market has topped”.
“We note the 13 count on the weekly chart and TD resistance at 1.7015. 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”.