GBP/USD bid above 1.5351 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair keeps the bullish tone above the 1.5351 level, where sits the 200-day MA.

Key Quotes

“GBP/USD last week saw a small erosion of the 1.5425 early August low and remains bid near term while above the 200 day ma at 1.5351”.

“The intraday Elliott wave count is now more positive and the risk has increased for near term strength”.

“Above lies 1.5529 (55 day ma), 1.5615 August high and the 1.58175 recent high. Currently a rally to 1.5540-1.5615 would be allowed for”.