11 Oct 2013
Flash: GBP/USD uptrend at 1.5912 holding for now – Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank suggests GBP/USD continues to sit on the 38.2% retracement of the move up from July – this is located at 1.5917.
Key Quotes
“Also in this vicinity we have the 3 month uptrend at 1.5912. While it is likely that this will hold the initial test, our favored scenario is that the rebound will be tepid.”
“Failure at the uptrend should trigger another leg lower to the 38.2% retracement at 1.5706 and possibly 1.5536, the 38.2% and 50% retracements – we do not anticipate that the 200 day ma at 1.5478 will get taken out on this attempt. Intraday rallies are likely to find the 20 day ma at 1.6052 now acts as resistance ahead of 1.6125.”
Key Quotes
“Also in this vicinity we have the 3 month uptrend at 1.5912. While it is likely that this will hold the initial test, our favored scenario is that the rebound will be tepid.”
“Failure at the uptrend should trigger another leg lower to the 38.2% retracement at 1.5706 and possibly 1.5536, the 38.2% and 50% retracements – we do not anticipate that the 200 day ma at 1.5478 will get taken out on this attempt. Intraday rallies are likely to find the 20 day ma at 1.6052 now acts as resistance ahead of 1.6125.”