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10 Sep 2013
Flash: GBP/USD tests tough resistance at 1.5716/52 which should cap - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD is trying to break through the 1.5716/52 resistance area, the recent high and the high made in June.
Key Quotes
“In this vicinity we also find the 200 week ma and the 61.8% retracement of the move seen in 2013. The risk remains for failure here. If not, the 1.5800 region will be in focus.”
“While above the 1.5541 2 month up channel, we remain unable to rule out further upside probes and only a close below here will negate current upside pressure and allow for a slide back to the 1.5430/24 recent lows and then 1.5104 the August low.”
Key Quotes
“In this vicinity we also find the 200 week ma and the 61.8% retracement of the move seen in 2013. The risk remains for failure here. If not, the 1.5800 region will be in focus.”
“While above the 1.5541 2 month up channel, we remain unable to rule out further upside probes and only a close below here will negate current upside pressure and allow for a slide back to the 1.5430/24 recent lows and then 1.5104 the August low.”