17 Aug 2015
GBP/USD risks a test of 1.5424 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, hinted at the possibility that the pair could grind lower towards the recent low at 1.5424.
Key Quotes
“GBP/USD faces daunting resistance extending up to 1.5690”.
“This has provoked numerous failures over the past month. Intraday Elliott wave counts are suggesting that we should see a slide back to the1.5424 current August low but that the market is unlikely to sustain a break below the 200 day moving average at 1.5374 currently”.
“For a more negative stance to be adopted at this stage we will need a close below the July low at 1.5330”.
Key Quotes
“GBP/USD faces daunting resistance extending up to 1.5690”.
“This has provoked numerous failures over the past month. Intraday Elliott wave counts are suggesting that we should see a slide back to the1.5424 current August low but that the market is unlikely to sustain a break below the 200 day moving average at 1.5374 currently”.
“For a more negative stance to be adopted at this stage we will need a close below the July low at 1.5330”.