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15 May 2014
GBP/USD focus is now on 1.6717 – Commerzbank
FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, sees potential for GBP/USD to test 1.6717.
Key Quotes
“Last week GBP/USD was rejected by the 1.7000 mark and we still believe that a major top is in the process of being formed”.
“The February high at 1.6822 has now been slipped through with the 1.6763 April 23 low and the uptrend channel support line at 1.6717 thus being in focus”.
“Minor resistance comes in around the 1.6833 May 9 low and further up around the 1.6919 May 1 high”.
Key Quotes
“Last week GBP/USD was rejected by the 1.7000 mark and we still believe that a major top is in the process of being formed”.
“The February high at 1.6822 has now been slipped through with the 1.6763 April 23 low and the uptrend channel support line at 1.6717 thus being in focus”.
“Minor resistance comes in around the 1.6833 May 9 low and further up around the 1.6919 May 1 high”.