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18 Sep 2013
Flash: GBP/USD up move continues to show signs of fatigue - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD’s upmove is showing some signs of fatigue.
Key Quotes
“We note the 13 count on the TD combo and TD perfected set up on the weekly chart and this suggests a warning for further moves higher at present, currently we would recommend now exiting long positions.”
“The market remains capable of gains to the 1.6035 78.6% retracement of the move seen this year. Initial support lies at 1.5752. Only failure below here will alleviate extreme upside pressure for a slide back to the 1.5637 uptrend.”
Key Quotes
“We note the 13 count on the TD combo and TD perfected set up on the weekly chart and this suggests a warning for further moves higher at present, currently we would recommend now exiting long positions.”
“The market remains capable of gains to the 1.6035 78.6% retracement of the move seen this year. Initial support lies at 1.5752. Only failure below here will alleviate extreme upside pressure for a slide back to the 1.5637 uptrend.”