19 Jan 2015
GBP/USD immediate downside bias intact below 1.5300 – Commerzbank
FXStreet (Barcelona) - According to Karen Jones, Head of Technical Analysis at Commerzbank, the GBP/USD downside bias remains intact as long as the pair trades below 1.5300.
Key Quotes
“We suspect that the correction higher near term may already be over - the Elliot wave count on the intraday charts are suggesting that the correction terminated at 1.5300. We are unable to rule out a deeper phase to test the downtrend at 1.5478, but while capped here our negative bias will remain entrenched.”
“The market has recently found some psychological support circa 1.5000 and directly here we have the 1.4910/1.4813 long term Fibo and 2013 low but look for this to hold the downside on the initial test.”
“We have a 6 month resistance line at 1.5478 and while capped here, the market will remain directly offered. Key resistance is the 1.5855 November 2013 low.”
Key Quotes
“We suspect that the correction higher near term may already be over - the Elliot wave count on the intraday charts are suggesting that the correction terminated at 1.5300. We are unable to rule out a deeper phase to test the downtrend at 1.5478, but while capped here our negative bias will remain entrenched.”
“The market has recently found some psychological support circa 1.5000 and directly here we have the 1.4910/1.4813 long term Fibo and 2013 low but look for this to hold the downside on the initial test.”
“We have a 6 month resistance line at 1.5478 and while capped here, the market will remain directly offered. Key resistance is the 1.5855 November 2013 low.”