27 Jul 2015
GBP/USD short-term target remains 1.5404 – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the short-term target for the pair remains the 200-d MA at 1.5404.
Key Quotes
“GBP/USD has seen repeated failure at the 1.5674 recent high over the past 2 weeks and on Thursday charted a key day reversal to the downside”.
“Our negative bias remains entrenched and we look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here”.
“Initial target is the 200 day ma at 1.5404 and 1.5332 the July low”.
“We note that the intraday Elliott wave counts are lot more positive and suspect dowside presgress will be slow”.
Key Quotes
“GBP/USD has seen repeated failure at the 1.5674 recent high over the past 2 weeks and on Thursday charted a key day reversal to the downside”.
“Our negative bias remains entrenched and we look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here”.
“Initial target is the 200 day ma at 1.5404 and 1.5332 the July low”.
“We note that the intraday Elliott wave counts are lot more positive and suspect dowside presgress will be slow”.