24 Jun 2015
GBP/USD expected to struggle near 1.5830 – Commerzbank
FXStreet (Edinburgh) - In the pinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, rallies in the pair could face strong resistance around 1.5835.
Key Quotes
“GBP/USD continues to show signs of failure at 1.5930 – given the failure of the market around the 50% retracement and 200 week ma (circa 1.5872) and the fact that we continue to suspect that this is a potential large bearish rising wedge pattern – we are viewing this in an increasingly negative light”.
“Intraday Elliott wave count has become more negative and is suggesting that the market will now fail on rallies to the 1.5835 area”.
Key Quotes
“GBP/USD continues to show signs of failure at 1.5930 – given the failure of the market around the 50% retracement and 200 week ma (circa 1.5872) and the fact that we continue to suspect that this is a potential large bearish rising wedge pattern – we are viewing this in an increasingly negative light”.
“Intraday Elliott wave count has become more negative and is suggesting that the market will now fail on rallies to the 1.5835 area”.