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8 Oct 2013
Flash: GBP/USD has topped – Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank suggests that the GBP/USD has held steady bouncing off the 20 day ma at 1.6039.
Key Quotes
“As we highlighted last week, the market recent high of 1.6259 was not confirmed by the daily RSI, and this coupled with reversal from the 2009-2013 downtrend at 1.6324 suggests that the market has topped for now.”
“Intraday rallies are indicated to terminate circa 1.6100/25. Our focus is the 1.5864 3 month uptrend. The market will need to close below here to confirm that it has topped short term and trigger losses to 1.5430, then 1.5104.”
Key Quotes
“As we highlighted last week, the market recent high of 1.6259 was not confirmed by the daily RSI, and this coupled with reversal from the 2009-2013 downtrend at 1.6324 suggests that the market has topped for now.”
“Intraday rallies are indicated to terminate circa 1.6100/25. Our focus is the 1.5864 3 month uptrend. The market will need to close below here to confirm that it has topped short term and trigger losses to 1.5430, then 1.5104.”