21 Nov 2013
Flash: GBP/USD capped at 1.6160 mid-September high - Commerzbank
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that on Wednesday GBP/USD reached the mid-September high at 1.6160 but fell short of the resistance line at 1.6210 as well as the 1.6256/59 recent highs.
Key Quotes
“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 1.5511 can also be seen in this vicinity. First, though, the 55 day moving average at 1.6033 is in view.”
Key Quotes
“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 1.5511 can also be seen in this vicinity. First, though, the 55 day moving average at 1.6033 is in view.”