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12 Sep 2013
Flash: GBP/USD has rallied to the November 2012 low
FXstreet.com (London) - Karen Jones, Chief analyst at Commerzbank said the GBP/USD has rallied to the November 2012 low at 1.5830.
Key Quotes:
“GBP/USD has rallied to the November 2012 low at 1.5830 and halted here”.
“The 13 count on the TD combo suggests a warning for further moves higher at present and if holding longs we would raise stops”.
“While above the 1.5573 2 month up channel, we remain unable to rule out further upside probes and only a close below here will negate current upside pressure and allow for a slide back to the 1.5430/24 recent lows and then 1.5104 the August low”.
“Above 1.5830 would introduce scope to 1.6036, the 78.6% retracement of the move down from December 2012, which is expected to hold and provoke failure”.
“Current trade: square Recommended Trade: Attempt tiny shorts at market, add 1.5925, stop 1.6040”.
Key Quotes:
“GBP/USD has rallied to the November 2012 low at 1.5830 and halted here”.
“The 13 count on the TD combo suggests a warning for further moves higher at present and if holding longs we would raise stops”.
“While above the 1.5573 2 month up channel, we remain unable to rule out further upside probes and only a close below here will negate current upside pressure and allow for a slide back to the 1.5430/24 recent lows and then 1.5104 the August low”.
“Above 1.5830 would introduce scope to 1.6036, the 78.6% retracement of the move down from December 2012, which is expected to hold and provoke failure”.
“Current trade: square Recommended Trade: Attempt tiny shorts at market, add 1.5925, stop 1.6040”.