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8 Jan 2014
Flash: GBP/USD attention on uptrend at 1.6330 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD continues to consolidate just above the 1.6330 6 month uptrend.
Key Quotes
“While this is likely to hold the initial test, we believe that ultimately the trend line will break as the market recently charted a key day reversal.”
“This coupled with the triple divergence of the daily and weekly RSI and the 13 count on the TD combo both suggest that this is a significant failure and is likely to have topped short term.”
“Intraday rallies should remain thwarted by 1.6430/65.A close below support at 1.6259/1.6330 (support line and October hi
Key Quotes
“While this is likely to hold the initial test, we believe that ultimately the trend line will break as the market recently charted a key day reversal.”
“This coupled with the triple divergence of the daily and weekly RSI and the 13 count on the TD combo both suggest that this is a significant failure and is likely to have topped short term.”
“Intraday rallies should remain thwarted by 1.6430/65.A close below support at 1.6259/1.6330 (support line and October hi