3 Dec 2015
GBP/USD risks a drop to 1.4860 – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains vulnerable and could visit the 1.4860 area.
Key Quotes
“GBP/USD has collapsed lower taking out psychological support at 1.5000 and the 1.4965 short term support line and failure here targets the 1.4860/78.6% retracement of the move up from April. This is regarded as the last defence for the 1.4577 April low”.
“Very near term we note the TD perfected set up on the daily, the non confirmation of the RSI and the 13 count on the 240 minute all suggest that we should sell on rallies rather than chase this lower”.
Key Quotes
“GBP/USD has collapsed lower taking out psychological support at 1.5000 and the 1.4965 short term support line and failure here targets the 1.4860/78.6% retracement of the move up from April. This is regarded as the last defence for the 1.4577 April low”.
“Very near term we note the TD perfected set up on the daily, the non confirmation of the RSI and the 13 count on the 240 minute all suggest that we should sell on rallies rather than chase this lower”.