19 Dec 2014
GBP/USD might retest 1.5545/30 levels – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, expects GBP/USD to test 1.5545/30 levels if the pair fails to move above 1.5675.
Key Quotes
“GBP/USD recently charted a minor new low at 1.5541. This new low has not been confirmed by the daily RSI.”
“Intraday rallies are indicated to terminate 1.5675 and while capped here we will assume scope to retest 1.5545/30 remains, however we look for this to hold. Currently we remain unable to rule out that it is trying to base short term.”
“The nearby catalyst will be an erosion of the 1.5855 November 2013 low (if seen). Above here will target 1.6050. Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact.”
“Support lies at the 1.5542/30 recent low and TD support. The 1.5530 level is regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”
Key Quotes
“GBP/USD recently charted a minor new low at 1.5541. This new low has not been confirmed by the daily RSI.”
“Intraday rallies are indicated to terminate 1.5675 and while capped here we will assume scope to retest 1.5545/30 remains, however we look for this to hold. Currently we remain unable to rule out that it is trying to base short term.”
“The nearby catalyst will be an erosion of the 1.5855 November 2013 low (if seen). Above here will target 1.6050. Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact.”
“Support lies at the 1.5542/30 recent low and TD support. The 1.5530 level is regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”