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18 Oct 2013
Flash: GBP/USD’s current rally is to lose upside momentum below 1.6259 – Commerzbank
FXstreet.com (Athens) – Axel Rudolph, Head Technical Analyst at Commerzbank suggests that GBP/USD has so far shot up to the 1.6160 mid-September high around which it is likely to lose upside momentum.
Key Quotes
“Despite this advance we will keep our toppish outlook as long as GBP/USD stays below the 1.6259 current October high.Should this not be the case, the 1.6302/69 2012 highs and 2009-13 resistance line will be in focus. Only a slide through this week’s 1.5896 low will alleviate current upsidepressure, though.
“Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement.”
Key Quotes
“Despite this advance we will keep our toppish outlook as long as GBP/USD stays below the 1.6259 current October high.Should this not be the case, the 1.6302/69 2012 highs and 2009-13 resistance line will be in focus. Only a slide through this week’s 1.5896 low will alleviate current upsidepressure, though.
“Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement.”