Flash: GBP/USD’s third failure at 1.6255/59 – Commerzbank

FXstreet.com (Barcelona) – Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has failed for the third time at the top of its 2 month trading range at 1.6255/59.

Key Quotes

“We note the TD perfected set up on the TD combo and maintain that this is a potential top, given the 4 year downtrend is located just above here at 1.6301.”

“As a consequence we continue to look for failure here at the 1.6256/59 recent highs.”

“A daily close below the current November low at 1.5856 will complete the pattern to offer a minimum downside measurement to …read more