18 Aug 2015
GBP/USD further downside lies below 1.5330 – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could face increasing selling pressure in sub-1.5330 levels.
Key Quotes
“GBP/USD rallied towards and again failed at resistance offered by the end of July high at 1.5690”.
“The market has seen numerous failures over the past month in this vicinity (this was also a bearish engulfing pattern)”.
“Intraday Elliott wave counts are suggesting that we should see a slide back to the1.5424 current August low and the 200 day moving average at 1.5372”.
“For a more negative stance to be adopted at this stage we will need a close below the July low at 1.5330”.
Key Quotes
“GBP/USD rallied towards and again failed at resistance offered by the end of July high at 1.5690”.
“The market has seen numerous failures over the past month in this vicinity (this was also a bearish engulfing pattern)”.
“Intraday Elliott wave counts are suggesting that we should see a slide back to the1.5424 current August low and the 200 day moving average at 1.5372”.
“For a more negative stance to be adopted at this stage we will need a close below the July low at 1.5330”.