26 Jul 2013
Flash: GBP/USD topside moves - Commerzbank
FXstreet.com (London) - Karen Jones, Head of FICC Technical Analysis at Commerzbank said the GBP/USD has charted an outside day to the topside through the 1.5393 61.8% retracement.
Key Quotes:
“We are very surprised to see this chart action and all the intraday charts, Elliott wave signals and TD counts continue to point to failure”.
“Should 1.5435 be eroded however we will have to allow for further upside gains to 1.5551 the 78.6% retracement”.
“Loss of the 1.5255 support is needed to signal the resumption of downside pressure and re-target the 1.4854/32 support zone”.
“Shorter term (1-3 weeks): Upside corrective”.
“Medium term (1-3 months): Longer term we look for losses to 1.4832, then 1.4229, the 2010 low”.
Key Quotes:
“We are very surprised to see this chart action and all the intraday charts, Elliott wave signals and TD counts continue to point to failure”.
“Should 1.5435 be eroded however we will have to allow for further upside gains to 1.5551 the 78.6% retracement”.
“Loss of the 1.5255 support is needed to signal the resumption of downside pressure and re-target the 1.4854/32 support zone”.
“Shorter term (1-3 weeks): Upside corrective”.
“Medium term (1-3 months): Longer term we look for losses to 1.4832, then 1.4229, the 2010 low”.