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30 May 2014
GBP/USD capped by 1.6875 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees rallies to remain capped by 1.6875.
Key Quotes
“GBP/USD remains under pressure following its break below the 6 month uptrend, but we would allow a small rebound near term”.
“Rallies are expected to find that the previous uptrend now offers resistance at 1.6797 and the short term downtrend at 1.6875 should now cap”.
“The demise of this and the May low at 1.6731 adds weight to the idea that the market has topped at 1.70”.
Key Quotes
“GBP/USD remains under pressure following its break below the 6 month uptrend, but we would allow a small rebound near term”.
“Rallies are expected to find that the previous uptrend now offers resistance at 1.6797 and the short term downtrend at 1.6875 should now cap”.
“The demise of this and the May low at 1.6731 adds weight to the idea that the market has topped at 1.70”.