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16 Sep 2013
Flash: GBP/USD 6 month highs suggest gains to 1.6035 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has made a new 6 month high.
Key Quotes
“We maintain that stops should be tightened as the 13 count on the TD combo and TD perfected set up suggest a warning for further moves higher at present, however currently the market remains extremely bid and looks set to extend gains to the 1.6035 78.6% retracement of the move seen this year.”
“While above the 1.5760 accelerated uptrend, we remain unable to rule out further upside probes. Only a close below here will alleviate extreme upside pressure for a slide back to the 1.5605 uptrend.”
Key Quotes
“We maintain that stops should be tightened as the 13 count on the TD combo and TD perfected set up suggest a warning for further moves higher at present, however currently the market remains extremely bid and looks set to extend gains to the 1.6035 78.6% retracement of the move seen this year.”
“While above the 1.5760 accelerated uptrend, we remain unable to rule out further upside probes. Only a close below here will alleviate extreme upside pressure for a slide back to the 1.5605 uptrend.”