Back
14 Sep 2013
Flash: GBP/USD has rallied - Commerzbank
FXstreet.com (London) - Karen Jones, chief analyst at Commerzbank notes the upside possibilities in GBP/USD.
“while above the 1.5573 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”.
Above 1.5830 would introduce scope to 1.6036, the 78.6% retracement of the move down from December 2012, which is expected to hold and provoke failure.
“while above the 1.5573 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”.
Above 1.5830 would introduce scope to 1.6036, the 78.6% retracement of the move down from December 2012, which is expected to hold and provoke failure.