15 Jul 2015
Negative bias still persists in GBP/USD – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the pair remains negative in spite of the recent rally.
Key Quotes
“GBP/USD the recent rally was enough to stop out our short positions but not quite enough to alter our view to bullish”.
“The intraday Elliott wave counts remain negative and continue to suggest failure circa 1.5650/1.5700”.
“Therefore for now, our negative bias remains intact and we target initially support at 1.5171, the June low and favour losses beyond here”.
“Above 1.5650/1.5700 will force us to neutralise our outlook and allow for another punch up towards 1.5813 and 1.5930, the highs that we saw in May and June. If seen, we look for these to again hold”.
Key Quotes
“GBP/USD the recent rally was enough to stop out our short positions but not quite enough to alter our view to bullish”.
“The intraday Elliott wave counts remain negative and continue to suggest failure circa 1.5650/1.5700”.
“Therefore for now, our negative bias remains intact and we target initially support at 1.5171, the June low and favour losses beyond here”.
“Above 1.5650/1.5700 will force us to neutralise our outlook and allow for another punch up towards 1.5813 and 1.5930, the highs that we saw in May and June. If seen, we look for these to again hold”.