18 Dec 2014
GBP/USD new low unconfirmed – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that GBP/USD’s new low at 1.5541 has not yet been confirmed by the daily RSI.
Key Quotes
“GBP/USD reversed its previous days gains to fall to a minor new low at 1.5541. This new low has not been confirmed by the daily RSI. Intraday rallies are indicated to terminate 1.5635/75 and while capped here we will assume remains offered.”
“Currently we remain unable to rule out that it is trying to base short term. The nearby catalyst will be an erosion of the 1.5855 November 2013 low and the 1.5858 55 day ma. Above here will target 1.6050. Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact.”
“Support lies at the 1.5542/30 recent low and TD support. The 1.5530 level is regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”
Key Quotes
“GBP/USD reversed its previous days gains to fall to a minor new low at 1.5541. This new low has not been confirmed by the daily RSI. Intraday rallies are indicated to terminate 1.5635/75 and while capped here we will assume remains offered.”
“Currently we remain unable to rule out that it is trying to base short term. The nearby catalyst will be an erosion of the 1.5855 November 2013 low and the 1.5858 55 day ma. Above here will target 1.6050. Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact.”
“Support lies at the 1.5542/30 recent low and TD support. The 1.5530 level is regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”