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4 Jun 2014
GBP/USD resistance around 1.6817 – Commerzbank
FXStreet (Edinburgh) - Rallies in GBP/USD should find resistance at the previous uptrend now at 1.6817, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD continues to see only a small rebound following its recent break below its 2014 uptrend, and this has made no impact on our negative stance”.
“Very near term rallies are expected to find that the previous uptrend now offers resistance at 1.6817 and the short term downtrend at 1.6855 should now cap”.
“Slightly longer term, we continue to believe that the market has topped at 1.70”.
Key Quotes
“GBP/USD continues to see only a small rebound following its recent break below its 2014 uptrend, and this has made no impact on our negative stance”.
“Very near term rallies are expected to find that the previous uptrend now offers resistance at 1.6817 and the short term downtrend at 1.6855 should now cap”.
“Slightly longer term, we continue to believe that the market has topped at 1.70”.