18 May 2015
GBP/USD potential test of 1.5929 – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could visit the area of the 55-week MA at 1.5929.
Key Quotes
“GBP/USD faltered last week just ahead of 1.5855/80, the October 2013 low and 50% retracement”.
“We highlighted on Friday a 13 count on the daily chart and TD resistance at 1.5900 and we saw the market ease slightly lower on Friday”.
“Currently we are unable to rule out an extension towards the 1.5929 55 week moving average – but that is the maximum upside we see for now”.
“We have uptrend support at 1.5385 and a close below here will be needed to alleviate immediate upside pressure and signal a return to the cloud support at 1.5093”.
Key Quotes
“GBP/USD faltered last week just ahead of 1.5855/80, the October 2013 low and 50% retracement”.
“We highlighted on Friday a 13 count on the daily chart and TD resistance at 1.5900 and we saw the market ease slightly lower on Friday”.
“Currently we are unable to rule out an extension towards the 1.5929 55 week moving average – but that is the maximum upside we see for now”.
“We have uptrend support at 1.5385 and a close below here will be needed to alleviate immediate upside pressure and signal a return to the cloud support at 1.5093”.