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14 May 2014
GBP/USD consolidation ahead? – Commerzbank
FXStreet (Edinburgh) - The GBP/USD would attempt a consolidation pattern in today’s session after hitting lows around the 1.6820 region recently.
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 reached and offers short term support with GBP/USD likely to consolidate today. Below yesterday’s low at 1.6820 lies the March high at 1.6785 which is still being targeted”.
“Further down are the 1.6763 April 23 low and the uptrend channel support line at 1.6710, both of which could also be reached in the days to come”.
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 reached and offers short term support with GBP/USD likely to consolidate today. Below yesterday’s low at 1.6820 lies the March high at 1.6785 which is still being targeted”.
“Further down are the 1.6763 April 23 low and the uptrend channel support line at 1.6710, both of which could also be reached in the days to come”.