12 May 2014
GBP/USD major top on its way? – Commerzbank
FXStreet (Edinburgh) - In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the GBP/USD could be forming a top.
Key Quotes
“Last week GBP/USD was rejected by the 1.7000 mark and we believe that a major top is in the process of being formed”.
“The February high at 1.6822 and the March high at 1.6785 are now being targeted. Further down lie the 1.6763 April 23 low and the uptrend channel support line at 1.6697 both of which could also be reached in the days to come”.
“Minor resistance comes in around the 1.6919 May 1 high”.
Key Quotes
“Last week GBP/USD was rejected by the 1.7000 mark and we believe that a major top is in the process of being formed”.
“The February high at 1.6822 and the March high at 1.6785 are now being targeted. Further down lie the 1.6763 April 23 low and the uptrend channel support line at 1.6697 both of which could also be reached in the days to come”.
“Minor resistance comes in around the 1.6919 May 1 high”.