7 Aug 2013
Flash: GBP/USD holds below 1.5396 resistance line - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD is about to test the minor resistance line at 1.5396, this is currently holding.
Key Quotes
“For now, we remain unable to rule out a retest of the 1.5432 July high, however continue to look for this to hold.”
“Loss of 1.5100 is needed to suggest further losses to the 1.5015 May low then 1.4854/32 support zones.”
“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
“For now, we remain unable to rule out a retest of the 1.5432 July high, however continue to look for this to hold.”
“Loss of 1.5100 is needed to suggest further losses to the 1.5015 May low then 1.4854/32 support zones.”
“Only should 1.5435 be eroded (not favoured) we will have to allow for further upside gains to 1.5551 the 78.6% retracement.”