27 Mar 2014
GBP/USD finding some support at the 1.6470 Fibo - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD continues to see near term recovery from the 61.8% retracement of 1.6470 (of the move seen in February).
Key Quotes
“The previous 8 month uptrend should act as resistance now at 1.6600.”
“The 20 day ma is located at 1.6617 and while capped here the outlook will remain negative and we should see the market re-focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6% retracement of the move up from July 2013).”
“Resistance at 1.6625/50 guards the 1.6750/1.6822 resistances.”
Key Quotes
“The previous 8 month uptrend should act as resistance now at 1.6600.”
“The 20 day ma is located at 1.6617 and while capped here the outlook will remain negative and we should see the market re-focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6% retracement of the move up from July 2013).”
“Resistance at 1.6625/50 guards the 1.6750/1.6822 resistances.”