21 Jul 2015
GBP/USD: negative bias unchanged – Commerzbank
FXStreet (Edinburgh) - The pair’s stance remains tilted to the bearish side, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD remained under pressure yesterday and sold off to the 55 day ma at 1.5550 - this adds weight to our view that the push up to 1.5674 was corrective only”.
“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”.
“Initial target is the 200 day a at 1.5415 and 1.5332 the July low”.
Key Quotes
“GBP/USD remained under pressure yesterday and sold off to the 55 day ma at 1.5550 - this adds weight to our view that the push up to 1.5674 was corrective only”.
“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”.
“Initial target is the 200 day a at 1.5415 and 1.5332 the July low”.