10 Jan 2014
Flash: GBP/USD seeing a small rebound from uptrend at 1.6353 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD continues to see a small rebound from the 1.6353 6 month uptrend.
Key Quotes
“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 1.6465/84. A close below support at 1.6259/1.6353 (support line and October high) is needed to alleviate immediate upside pressure and re-target the 1.5855 November low.”
Key Quotes
“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 1.6465/84. A close below support at 1.6259/1.6353 (support line and October high) is needed to alleviate immediate upside pressure and re-target the 1.5855 November low.”