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22 Apr 2014
GBP/USD looking to break above 1.6822 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, GBP/USD would need to advance beyond 1.6822 in the London session to confirm the recent break higher.
Key Quotes
“GBP/USD saw only a minor break of the 1.6822 level in pre holiday trading and will need to clear this level in the London time zone on Tuesday for a valid break”.
“The Elliott wave count on the intraday charts are suggesting that we could see an extension to 1.6900 and on the daily chart to 1.7006, however it is possible that we will just fail here”.
“Dips will find minor support at 1.6680/72, ahead of trend line support at 1.6611 and key support at 1.6470. We will need to break at least the uptrend to negate the current push higher”.
Key Quotes
“GBP/USD saw only a minor break of the 1.6822 level in pre holiday trading and will need to clear this level in the London time zone on Tuesday for a valid break”.
“The Elliott wave count on the intraday charts are suggesting that we could see an extension to 1.6900 and on the daily chart to 1.7006, however it is possible that we will just fail here”.
“Dips will find minor support at 1.6680/72, ahead of trend line support at 1.6611 and key support at 1.6470. We will need to break at least the uptrend to negate the current push higher”.