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23 Nov 2015
GBP/USD remains vulnerable – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains vulnerable after being rejected from the 1.5340 area.
Key Quotes
“GBP/USD’s burst higher has been thwarted by the 200 day ma at 1.5341and is back under pressure. We look for the correction higher to have terminated at 1.5337. Resistance above here intensifies we have the 1.5397 resistance line then the 1.5515 October high”.
“Below 1.5107 (October low) is needed to refocus attention on the downside towards 1.5020/00 and below 1.5000 will target initially the 1.4860/78.6% retracement of the move up from April. This is regarded as the last defence for the 1.4568 April low”.
Key Quotes
“GBP/USD’s burst higher has been thwarted by the 200 day ma at 1.5341and is back under pressure. We look for the correction higher to have terminated at 1.5337. Resistance above here intensifies we have the 1.5397 resistance line then the 1.5515 October high”.
“Below 1.5107 (October low) is needed to refocus attention on the downside towards 1.5020/00 and below 1.5000 will target initially the 1.4860/78.6% retracement of the move up from April. This is regarded as the last defence for the 1.4568 April low”.