20 Jul 2015
GBP/USD upside corrective, targets 1.5171 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, gives her view on the pair.
Key Quotes
“GBP/USD came under pressure on Friday and this adds weight to our view that the push up to 1.5674 was corrective only and the intraday Elliott wave counts remain negative”.
“Therefore for now, our negative bias remains intact and we look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here”.
Key Quotes
“GBP/USD came under pressure on Friday and this adds weight to our view that the push up to 1.5674 was corrective only and the intraday Elliott wave counts remain negative”.
“Therefore for now, our negative bias remains intact and we look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here”.