12 Aug 2015
GBP/USD bearish below 1.5613 – Commerzbank
FXStreet (Edinburgh) - According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the door remains open for a visit to 1.5409 while below the 1.5613 level.
Key Quotes
“Over the last few days GBP/USD bounced back from its 1.5424 current August low to the three month resistance line at 1.5613 which continues to cap”.
“As long as it continues to do so on a New York daily chart closing basis, we will allow for the 38.2% Fibonacci retracement at 1.5409 and the 200 day moving average at 1.5377 as well as the July trough at 1.5330 to be revisited”.
“Should a rise and daily close above the three month resistance line at 1.5613 be made, however, the late July high at 1.5691 would be back in focus”.
Key Quotes
“Over the last few days GBP/USD bounced back from its 1.5424 current August low to the three month resistance line at 1.5613 which continues to cap”.
“As long as it continues to do so on a New York daily chart closing basis, we will allow for the 38.2% Fibonacci retracement at 1.5409 and the 200 day moving average at 1.5377 as well as the July trough at 1.5330 to be revisited”.
“Should a rise and daily close above the three month resistance line at 1.5613 be made, however, the late July high at 1.5691 would be back in focus”.