9 Apr 2014
GBP/USD short term downtrend eroded - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has shot higher, and has eroded the short term resistance and given the strong rebound from the 1.6552 5 month uptrend.
Key Quotes
“We will assume the bull trend has reasserted and the market capable of retesting the 1.6822 recent high. The Elliott wave count on the 240 minute chart is suggesting scope to 1.6900.”
“Dips will find minor support at 1.6630/65. Ahead of trendline support at 1.6552 and key support at 1.6470. Slightly longer term the weekly and monthly charts are indicating that this is the end of the move however the market could reach 1.7041, the August 2009 peak ahead of failure.”
Key Quotes
“We will assume the bull trend has reasserted and the market capable of retesting the 1.6822 recent high. The Elliott wave count on the 240 minute chart is suggesting scope to 1.6900.”
“Dips will find minor support at 1.6630/65. Ahead of trendline support at 1.6552 and key support at 1.6470. Slightly longer term the weekly and monthly charts are indicating that this is the end of the move however the market could reach 1.7041, the August 2009 peak ahead of failure.”