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31 Jul 2015
GBP/USD is a coin with two sides around 1.5674 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the price action yesterday around GBP/USD and pointed out key resistance that the market has been up to test today, offering a bearish bias but not ruling out the upside either.
Key Quotes:
"GBP/USD recently failed again at the 1.5674 recent high, we are somewhat surprised that this did not provoke more of sell off. However for now, this resistance together with a pivot line at 1.5734 keeps our overall negative bias intact. The intraday Elliott wave counts are more negative and a break below the 1.5529 uptrend should be enough to trigger losses to the 200 day ma at 1.5395.
GBP/USD upside needs to close above 1.5675
"In order to confirm upside scope we will need a close above 1.5675 to be seen for a further leg higher to the 1.5813 May high to engage and possibly extend to 1.5930, the June high."
Key Quotes:
"GBP/USD recently failed again at the 1.5674 recent high, we are somewhat surprised that this did not provoke more of sell off. However for now, this resistance together with a pivot line at 1.5734 keeps our overall negative bias intact. The intraday Elliott wave counts are more negative and a break below the 1.5529 uptrend should be enough to trigger losses to the 200 day ma at 1.5395.
GBP/USD upside needs to close above 1.5675
"In order to confirm upside scope we will need a close above 1.5675 to be seen for a further leg higher to the 1.5813 May high to engage and possibly extend to 1.5930, the June high."