4 Jul 2013
Flash: What can we expect of the GBP/USD? – UBS and Commerzbank
FXstreet.com (Barcelona) - The selling pressure is now intensifying around the sterling on Thursday, as market participants are waiting for the BoE’s interest rate decision. Consensus points to further inaction by the central bank, being premature for the new Governor M.Carney to start intervening.
Strategists G.Berry and G.Yu at the Swiss lender UBS remain bearish on the pair, arguing “The pair closed below the key support at 1.5183. This was a strong bearish development, exposing 1.5009. Resistance is at 1.5279”.
In the same line of thinking, Karen Jones, Head of FICC Technical Analyst at Commerzbank, commented, “Currently the intraday charts are indicating that we are likely to see a rebound into the 1.5300/1.5400 band, where we are likely to see failure, this is a combination of cloud, Fibonacci retracement and Elliott wave all on the 240 minute chart”.
Strategists G.Berry and G.Yu at the Swiss lender UBS remain bearish on the pair, arguing “The pair closed below the key support at 1.5183. This was a strong bearish development, exposing 1.5009. Resistance is at 1.5279”.
In the same line of thinking, Karen Jones, Head of FICC Technical Analyst at Commerzbank, commented, “Currently the intraday charts are indicating that we are likely to see a rebound into the 1.5300/1.5400 band, where we are likely to see failure, this is a combination of cloud, Fibonacci retracement and Elliott wave all on the 240 minute chart”.