2 Dec 2013
Flash: GBP/USD closed above the December 2012 high at 1.6370 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD last week eroded and closed above the 1.6370 December 2012 high.
Key Quotes
“The close above here is key as this has introduced scope to the 1.6634/1.6745. The 200 month ma, a 15 year pivot line and the April 2011 high.”
“We note that the 2140 minute RSI does not confirm the recent high and dips lower will find initial support at 1.6259/55 the highs from October and then the 55 day ma at 1.6099.”
“However we will need a close below the 1.6017 4 month support line in order to alleviate immediate upside pressure.”
Key Quotes
“The close above here is key as this has introduced scope to the 1.6634/1.6745. The 200 month ma, a 15 year pivot line and the April 2011 high.”
“We note that the 2140 minute RSI does not confirm the recent high and dips lower will find initial support at 1.6259/55 the highs from October and then the 55 day ma at 1.6099.”
“However we will need a close below the 1.6017 4 month support line in order to alleviate immediate upside pressure.”