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17 Sep 2013
Flash: GBP/USD up move shows signs of fatigue - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that while she note that GBP/USD continues to accelerate higher and indeed this has been for more aggressive than she had anticipated, it is still regarded as a correction only.
Key Quotes
“We note the 13 count on the TD combo and TD perfected set up on the weekly chart and this suggests a warning for further moves higher at present, currently we would recommend now exiting long positions.”
“The market remains capable of gains to the 1.6035 78.6% retracement of the move seen this year.”
“While above the 1.5868 (20 period ma on the 240 minute chart), we remain unable to rule out further upside probes. Only failure below here will alleviate extreme upside pressure for a slide back to the 1.5621 uptrend.”
Key Quotes
“We note the 13 count on the TD combo and TD perfected set up on the weekly chart and this suggests a warning for further moves higher at present, currently we would recommend now exiting long positions.”
“The market remains capable of gains to the 1.6035 78.6% retracement of the move seen this year.”
“While above the 1.5868 (20 period ma on the 240 minute chart), we remain unable to rule out further upside probes. Only failure below here will alleviate extreme upside pressure for a slide back to the 1.5621 uptrend.”