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9 Sep 2013
Flash: GBP/USD remains below tough resistance at 1.5705/52 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at GBP/USD is still approaching the 1.5705 resistance line and the 1.5716/52 resistance area, the recent high and the high made in June.
Key Quotes
“In this vicinity we also find the 200 week ma and the 61.8% retracement of the move seen in 2013. The risk remains for failure here.”
“While above the 1.5524 2 month up channel, we remain unable to rule out further upside probes and only a close below here will negate current upside pressure and allow for a slide back to the 1.5430/24 recent lows and then 1.5104 the August low.”
Key Quotes
“In this vicinity we also find the 200 week ma and the 61.8% retracement of the move seen in 2013. The risk remains for failure here.”
“While above the 1.5524 2 month up channel, we remain unable to rule out further upside probes and only a close below here will negate current upside pressure and allow for a slide back to the 1.5430/24 recent lows and then 1.5104 the August low.”