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9 Aug 2013
Flash: GBP/USD approaching the May high - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD consolidated recent sharp gains, and believes that currently we will have to allow for further upside gains to the 1.5605/10 May high and top of the channel.
Key Quotes
“The Elliott wave count is suggesting we should stall here, but we have a number of conflicting signals.”
“However the recent move was a huge outside day to the topside. Above 1.5605/10 we would have to allow for a challenge to the 1.5752/59 June high and the 200 week ma. The market stays bid above the 6 week channel at 1.5184.”
Key Quotes
“The Elliott wave count is suggesting we should stall here, but we have a number of conflicting signals.”
“However the recent move was a huge outside day to the topside. Above 1.5605/10 we would have to allow for a challenge to the 1.5752/59 June high and the 200 week ma. The market stays bid above the 6 week channel at 1.5184.”