Tuesday, August 3, 2010

GBP/USD: Above 1.5970, pair would target 1.6425/40 - Commerzbank


Forex Special (Barcelona) - Pound's sharp rally witnessed on Monday has extended on Tuesday's European session, and the pair reached levels above 1.5900, approaching 1.5970 level which, if broken, could open the path towards 1.6425/40, says Karen Jones, technical analyst at Commerzbank.

If the Pound manages to break above 1.5970, next target would be 1.6425/40, according to Jones: "The market has eroded the 55 week moving average together with the top of the channel. Should the market manage to clear 1.5970 we will have to assume a further upside target of 1.6425/40 is engaged."

Bearish moves are expected to find support at 1.5665/75 and 1.5336, says Jones: "Dips lower are expected to find nearby support at 1.5665/75 and be contained by the base of its 2 month upchannel at 1.5336, and while this holds an upside bias remains."

GBP/USD (Aug 03 at 12:40 GMT)

1.5951/52 (0.42%)

H 1.5969 L 1.58615

S3S2S1R1R2R3
1.58671.59071.59471.59611.60011.6041
[?]Trend Index[?]OB/OS Index
Slightly BullishNeutral
Data updated on Aug 03 at 12:15 (15-minute timeframe)


[ View GBP/USD Technical Studies ]

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