1 Aug 2013
Flash: GBP/USD - market weighing on downside - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD is being weighed upon to the downside.
Key Quotes
“GBP/USD came under increasing downside pressure yesterday and has sold off to its 50% retracement at 1.5123 – this has held the initial test but is regarded as exposed, we look for it to be eroded for losses to the 1.5015 May low then 1.4854/32 support zones.”
“Intraday rallies are likely to remain capped by the 1.5265/1.5300 band. Only should 1.5435 be eroded (not favoured) we will have to allow for further upside gains to 1.5551 the 78.6% retracement.”
Key Quotes
“GBP/USD came under increasing downside pressure yesterday and has sold off to its 50% retracement at 1.5123 – this has held the initial test but is regarded as exposed, we look for it to be eroded for losses to the 1.5015 May low then 1.4854/32 support zones.”
“Intraday rallies are likely to remain capped by the 1.5265/1.5300 band. Only should 1.5435 be eroded (not favoured) we will have to allow for further upside gains to 1.5551 the 78.6% retracement.”