17 Oct 2013
Flash: We will keep our bearish view while below 1.6123 – Commerzbank
FXstreet.com (Athens) – Axel Rudolph, Head Technical Analyst at Commerzbank suggests that the GBP/USD unexpectedly bounced back on Wednesday.
Key Quotes
“Despite this advance we will remain bearish as long as GBP/USD stays below the 1.6123 October 8 high. A drop through the past week’s support level at 1.5916 will confirm our bearish outlook.”
“Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement.”
Key Quotes
“Despite this advance we will remain bearish as long as GBP/USD stays below the 1.6123 October 8 high. A drop through the past week’s support level at 1.5916 will confirm our bearish outlook.”
“Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement.”