4 Dec 2014
GBP/USD holding the 1.5595/92 lows for now – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that the dollar strength didn’t impact the GBP/USD much, as the pair trades above its 1.5595/92 lows.
Key Quotes
“Dollar strength elsewhere has been seen, but GBP/USD stoically has held over 1.5595/92 lows. These are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”
“Please note we have 13 counts on both the 60 minute and 240 minute charts and TD support at 1.5530 – both suggest near term rallies ahead of further weakness. Initial resistance is offered by the 1.5721 20 day ma.”
“The market is expected to find good resistance offered by the 1.5855 November 2013 low and the 1.5818 four month downtrend line. Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact.”
Key Quotes
“Dollar strength elsewhere has been seen, but GBP/USD stoically has held over 1.5595/92 lows. These are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”
“Please note we have 13 counts on both the 60 minute and 240 minute charts and TD support at 1.5530 – both suggest near term rallies ahead of further weakness. Initial resistance is offered by the 1.5721 20 day ma.”
“The market is expected to find good resistance offered by the 1.5855 November 2013 low and the 1.5818 four month downtrend line. Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact.”