23 Jun 2014
GBP/USD potential downside ahead? – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair could face some weakness in the next periods.
Key Quotes
“GBP/USD has tested and held at major resistance at 1.7041/51, these represent the 2009 high and the 2005 low, we would allow for some profit taking to be seen here”.
“We also note the 13 count on the daily chart and the TD resistance at 1.7062 both suggest that we should allow for initial failure here”.
“Currently the Elliott wave count is suggesting a retracement into the 1.6985/35 band, while above here we would allow for another stab at the 1.7040/65 resistance”.
Key Quotes
“GBP/USD has tested and held at major resistance at 1.7041/51, these represent the 2009 high and the 2005 low, we would allow for some profit taking to be seen here”.
“We also note the 13 count on the daily chart and the TD resistance at 1.7062 both suggest that we should allow for initial failure here”.
“Currently the Elliott wave count is suggesting a retracement into the 1.6985/35 band, while above here we would allow for another stab at the 1.7040/65 resistance”.