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7 Oct 2013
Flash: GBP/USD has topped - Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank suggests that as highlighted last week, the markets recent high of 1.6259 was not confirmed by the daily RSI, which has diverged.”
Key Quotes
“This coupled with the sell off on Friday, the break of the accelerated uptrend and reversal from the 2009-2013 downtrend at 1.6324 all suggest that the market has topped for now.”
“The sell off is so far holding the 20 day ma at 1.6018 and while this may prompt a small rebound, we look for this to be tepid – intraday rallies are indicated to terminate circa 1.6100. Our focus is the 1.5847 3 month uptrend.”
“The market will need to close below here to confirm that it has topped short term and trigger losses to 1.5430, then 1.5104.”
Key Quotes
“This coupled with the sell off on Friday, the break of the accelerated uptrend and reversal from the 2009-2013 downtrend at 1.6324 all suggest that the market has topped for now.”
“The sell off is so far holding the 20 day ma at 1.6018 and while this may prompt a small rebound, we look for this to be tepid – intraday rallies are indicated to terminate circa 1.6100. Our focus is the 1.5847 3 month uptrend.”
“The market will need to close below here to confirm that it has topped short term and trigger losses to 1.5430, then 1.5104.”