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Flash: GBP/USD probing overhead resistance, favour failure - Commerzbank

FXstreet.com (Barcelona) – Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD ground higher all week and continues to trade in the upper half of its 2 month trading range.

Key Quotes

“We are not clear at this stage if this is a potential top or not but we are biased towards the top theory, given the 4 year downtrend is located just above here at 1.6301.”

“As a consequence we continue to look for failure at the 1.6256/59 recent highs. Having said that, only a daily close below the current November low at 1.5856 is needed to …read more