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23 Sep 2013
Flash: Looking for the 2009-2013 downtrend at 1.6331 to provoke failure- Commmezbank
FXstreet.com (Athens)- Karen Jones, Head Technical Analyst at Commerzbank suggests that GBP/USD eased slightly lower at the end of last week and appears to be absorbing recent sharp gains.
Key-Quotes:
“The break higher last week took out all short term resistances to leave the market now focused on the 2009-2013 downtrend at 1.6331. Despite the directional move seen last week we continue to look for this to hold the topside.”
“Support is offered by the 1.5996 accelerated uptrend – while above here the market remains immediately bid. Only below here will allow for a slide back to the 1.5686 3 month uptrend.”
Key-Quotes:
“The break higher last week took out all short term resistances to leave the market now focused on the 2009-2013 downtrend at 1.6331. Despite the directional move seen last week we continue to look for this to hold the topside.”
“Support is offered by the 1.5996 accelerated uptrend – while above here the market remains immediately bid. Only below here will allow for a slide back to the 1.5686 3 month uptrend.”