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20 Mar 2014
GBP/USD eroding the 8 month uptrend at 1.6551 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has started to erode the 55 day moving average at 1.6548 and the uptrend at 1.6551.
Key Quotes
“We have seen a close below the 8 month uptrend and would like to see a second one today in order to re- focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6% retracement of the move up from July 2013).”
“We suspect that the 1.6650 20 day ma will now cap intraday rallies. Resistance at 1.6650 guards the 1.6750/1.6822 resistances.”
Key Quotes
“We have seen a close below the 8 month uptrend and would like to see a second one today in order to re- focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6% retracement of the move up from July 2013).”
“We suspect that the 1.6650 20 day ma will now cap intraday rallies. Resistance at 1.6650 guards the 1.6750/1.6822 resistances.”