11 Jul 2013
Flash: GBP/USD strong reversal - Commerzbank
FXstreet.com (London) - Karen Jones, Chief Analyst at Commerzbank said GBP/USD has seen a strong reversal from support at 1.4854/32, the 61.8% retracement of the 2009 move higher and the March low.
"The Elliot wave count is implying that this is corrective only and suggests a move to 1.5220. Between here and 1.5305 we should see the market fail again”. She said, provided it does so, attention should revert to the 1.4854/32 support. “Above 1.5305 neutralises the immediate outlook for recovery to the 1.5530/1.5613 band, the 78.6% retracement and 200 day ma".
"The Elliot wave count is implying that this is corrective only and suggests a move to 1.5220. Between here and 1.5305 we should see the market fail again”. She said, provided it does so, attention should revert to the 1.4854/32 support. “Above 1.5305 neutralises the immediate outlook for recovery to the 1.5530/1.5613 band, the 78.6% retracement and 200 day ma".