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21 Oct 2013
Flash: GBP/USD is to stall below 1.6259 - Commerzbank
FXstreet.com (Athens) – Axel Rudolph, Technical Analyst at Commerzbank suggests that GBP/USD has so far shot up to 1.6223, close to the 1.6259 current October high which we still expect to cap.
Key Quotes
“Should this not be the case, the 1.6302/69 2012 highs and 2009-13 resistance line will be in focus. Only a slide through last week’s 1.5896 low will alleviate current upside pressure. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement.”
Key Quotes
“Should this not be the case, the 1.6302/69 2012 highs and 2009-13 resistance line will be in focus. Only a slide through last week’s 1.5896 low will alleviate current upside pressure. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement.”