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12 Feb 2013
Forex Flash: GBP/USD sell off approaching uptrend - Commerzbank
Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD is approaching the 1.5642 2009-2013 up trend.
She writes, “GBP/USD sold off aggressively to once again approach the 1.5642 2009 2013 up trend. This together with last weeks low at 1.56315 is starting to look exposed. Failure here will target 1.5271/35, the 2012 low. A break lower looks pretty imminent.” She feels that rallies are expected to remain contained by the 55 and 200 MAs and these are located at 1.5876 and 1.6001. She sees that the 20 MA offers immediate resistance at 1.5784.
She writes, “GBP/USD sold off aggressively to once again approach the 1.5642 2009 2013 up trend. This together with last weeks low at 1.56315 is starting to look exposed. Failure here will target 1.5271/35, the 2012 low. A break lower looks pretty imminent.” She feels that rallies are expected to remain contained by the 55 and 200 MAs and these are located at 1.5876 and 1.6001. She sees that the 20 MA offers immediate resistance at 1.5784.