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15 Jul 2013
Flash: GBP/USD in negative territory - Commerzbank
FXstreet.com (London) - Karen Jones, Chief analyst at Commerzbank views GBP/USD’s rebound from support at 1.4854/32 as corrective only (the 61.8% retracement of the 2009 move higher and the March low).
“The Elliot wave count is implying that this is corrective only and suggests the rally will fail circa 1.5220 ahead of the more important 1.5305 level (50% retracement)”. She said provided it does so, attention should revert to the 1.4854/32 support. However, above 1.5305, she feels, neutralises the immediate outlook for recovery to the 1.5530/1.5603 band, the 78.6% retracement and 200 day ma.
“The Elliot wave count is implying that this is corrective only and suggests the rally will fail circa 1.5220 ahead of the more important 1.5305 level (50% retracement)”. She said provided it does so, attention should revert to the 1.4854/32 support. However, above 1.5305, she feels, neutralises the immediate outlook for recovery to the 1.5530/1.5603 band, the 78.6% retracement and 200 day ma.