19 Nov 2013
Flash: GBP/USD still targeting minor resistance at 1.6160 - Commerzbank
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that GBP/USD continues to trade around the 1.6119 November 6 high and remains on track to reach the mid-September high at 1.6160.
Key Quotes
“If overcome, the risk of a re-challenge to the 1.6256/59 recent highs would increase. There is still potential for this area to become a top. Therefore another failure here will add weight to that view.”
“Having said that, only a daily close below the current November low at 1.5856 will complete the pattern to offer a minimum downside measurement to 1.5535. The 200 day ma at 1.5505 can also be seen in this vicinity.”
Key Quotes
“If overcome, the risk of a re-challenge to the 1.6256/59 recent highs would increase. There is still potential for this area to become a top. Therefore another failure here will add weight to that view.”
“Having said that, only a daily close below the current November low at 1.5856 will complete the pattern to offer a minimum downside measurement to 1.5535. The 200 day ma at 1.5505 can also be seen in this vicinity.”