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20 May 2014
GBP/USD a visit of 1.7000 not likely – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, doesn’t see chances of GBP/USD to test of 1.7000.
Key Quotes
“While we acknowledge that the 20 m.a. at 1.6849 is likely to offer nearby resistance, the 240 minute chart is suggesting that the market will also fail here - the move to 1.6844 is indicated to be the end of wave 4 and we note the TD perfected set up”.
“This would leave the market well placed to retest the 6 month uptrend and 55 day ma at 1.6744/29”.
“Above 1.6849 would suggest a retest of 1.6900/37 but we do not anticipate a retest of 1.7000”.
Key Quotes
“While we acknowledge that the 20 m.a. at 1.6849 is likely to offer nearby resistance, the 240 minute chart is suggesting that the market will also fail here - the move to 1.6844 is indicated to be the end of wave 4 and we note the TD perfected set up”.
“This would leave the market well placed to retest the 6 month uptrend and 55 day ma at 1.6744/29”.
“Above 1.6849 would suggest a retest of 1.6900/37 but we do not anticipate a retest of 1.7000”.