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Forex Flash: GBP/USD may have topped – Commerzbank

By FXstreet.com,  January 07, 2013, 03:21:00 AM EDT

FXstreet.com (Barcelona) - Commerzbank analysts believe the GBP/USD has topped out last week: "The market reversed just ahead of the 1.6452 2009-2013 downtrend and has also failed to register a close above the 1.6300/07 pivot (September high, April high and the high from November 2010)", wrote analyst Karen Jones, noting the large divergence of both the daily and weekly RSI's suggesting that the market has topped. "We also note that key near term support at 1.6068/61 has been eroded and this leaves the market vulnerable to a slide back to the 1.5938 7 month uptrend", added the Commerzbank analyst, favoring a break lower to the 1.5830 November low and pointing to the 55 and 200 week ma at around 1.5863/38, with failure here being key.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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