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27 May 2015
GBP/USD: has the market topped? – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could have topped in recent peaks beyond 1.5800 the figure.
Key Quotes
“GBP/USD has sold off to the top of the gap on the daily chart at 1.5355”.
“This may provoke a small rebound, however we continue to suspect that the market has topped just ahead of key resistance offered by 1.5855/80, the October 2013 low and 50% retracement”.
“We look for a return to the cloud support and May low at 1.5059/1.5121”.
“The 200 week moving average at 1.5888 reinforces overhead resistance”.
“Rallies should now be contained by the 1.5699 21st May high and are likely to find that the 200 day ma now offers good nearby resistance at 1.5470”.
Key Quotes
“GBP/USD has sold off to the top of the gap on the daily chart at 1.5355”.
“This may provoke a small rebound, however we continue to suspect that the market has topped just ahead of key resistance offered by 1.5855/80, the October 2013 low and 50% retracement”.
“We look for a return to the cloud support and May low at 1.5059/1.5121”.
“The 200 week moving average at 1.5888 reinforces overhead resistance”.
“Rallies should now be contained by the 1.5699 21st May high and are likely to find that the 200 day ma now offers good nearby resistance at 1.5470”.