19 Feb 2015
GBP/USD: Still looking bid despite Elliot wave count - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank, explained GBP/USD is holding its near term uptrend at 1.5370.
Key Quotes:
"The market has reached the 23.6% retracement of the move down from July 2014 this is located at 1.5481."
"The Elliott wave count on the daily is suggesting this should already be the end of the correction however the market looks bid."
"A drop below near term uptrend and the 20 day ma at 1.5230 is needed to alleviate the immediate upside Above 1.5490, key resistance is the 1.5855 November 2013 low."
"Below the 20 day ma should trigger a slide back to the 1.4953 recent low and the 1.4813 2013 low."
Key Quotes:
"The market has reached the 23.6% retracement of the move down from July 2014 this is located at 1.5481."
"The Elliott wave count on the daily is suggesting this should already be the end of the correction however the market looks bid."
"A drop below near term uptrend and the 20 day ma at 1.5230 is needed to alleviate the immediate upside Above 1.5490, key resistance is the 1.5855 November 2013 low."
"Below the 20 day ma should trigger a slide back to the 1.4953 recent low and the 1.4813 2013 low."