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17 Feb 2014
Flash: GBP/USD eyes on 1.7041? – Commerzbank
FXStreet (Edinburgh) - Flash: GBP/USD eyes on 1.7041? – Commerzbank
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the GBP/USD left behind 2011 highs (1.6745) and the TD resistance (1.6790), extending its bullish momentum.
Key Quotes
“While we acknowledge that the Elliott wave counts on the daily, weekly and monthly charts indicate that this is the end phase of the move we remain unable to rule out an extension to the 1.7041 2009 peak”.
“The market is bid intraday above 1.6667, however will need to break back below 1.6550 in order to re-focus on the 1.6259/29 support which remains key (September high and the 23.6% retracement of the move up from July 2013)”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the GBP/USD left behind 2011 highs (1.6745) and the TD resistance (1.6790), extending its bullish momentum.
Key Quotes
“While we acknowledge that the Elliott wave counts on the daily, weekly and monthly charts indicate that this is the end phase of the move we remain unable to rule out an extension to the 1.7041 2009 peak”.
“The market is bid intraday above 1.6667, however will need to break back below 1.6550 in order to re-focus on the 1.6259/29 support which remains key (September high and the 23.6% retracement of the move up from July 2013)”.