GBP/USD offered sub-1.6841 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the bearish tone to prevail while capped by 1.6841.

Key Quotes

“GBP/USD has reacted higher, tested the 5 week downtrend, drawn from the 1.6996 May peak. This is located at 1.6841 today and while capped here the market is directly offered”.

“The rally is viewed as a return to point of break down, but we need to see some follow through selling in the next few days to confirm that view”.

“Slightly longer term, we continue to believe that the market has topped at 1.70.

Jun 10, 2014

Value is not following price – FXStreet

Speaking to Dale Pinkert at the Live Analysis Room, FXStreet Content Advisor Gonçalo Moreira said that according to the FXStreet weekly forecast poll, participants holding a bearish view of the euro against the US dollar decreased notably, while bullish expectations are at the highest level in ten weeks (56%)– surpassing the relative frequency of 52% at the time the euro was peaking 1.39/40 (week of May 19).

Session Recap: Euro suffers across the board

The US dollar strengthened broadly during the European session following quiet Asian trade, dragging the EUR/USD and the GBP/USD to fresh weekly lows.