14 Jul 2015
GBP/USD still targets 1.5171 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, argues spot could target the initial support at 1.5171.
Key Quotes
“GBP/USD the recent rally did not dislodge any resistance of note and the market remains capped by the short term downtrend at 1.5567 today”.
“Our negative bias remains intact and we target initially support at 1.5171, the June low and favour losses beyond here”.
“Rallies should remain capped by the 1.5567 resistance line, and that resistance is reinforced by the 1.5618 previous uptrend (now resistance) and the 1.5654 20 day ma”.
Key Quotes
“GBP/USD the recent rally did not dislodge any resistance of note and the market remains capped by the short term downtrend at 1.5567 today”.
“Our negative bias remains intact and we target initially support at 1.5171, the June low and favour losses beyond here”.
“Rallies should remain capped by the 1.5567 resistance line, and that resistance is reinforced by the 1.5618 previous uptrend (now resistance) and the 1.5654 20 day ma”.