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3 Aug 2015
GBP/USD negative below 1.5674/1.5738 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the negative bias in the pair intact below the 1.5674/1.5738 band.
Key Quotes
“GBP/USD has seen repeated failure at the 1.5674 recent high, but we are perplexed by the complete lack of a sell off”.
“However for now, this resistance together with a pivot line at 1.5738 keeps our overall negative bias intact”.
“We will need to see a break below the 1.5541 uptrend to alleviate upside pressure and to trigger losses to the 200 day ma at 1.5393”.
“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 has seen repeated failure at the 1.5674 recent high, but we are perplexed by the complete lack of a sell off”.
“However for now, this resistance together with a pivot line at 1.5738 keeps our overall negative bias intact”.
“We will need to see a break below the 1.5541 uptrend to alleviate upside pressure and to trigger losses to the 200 day ma at 1.5393”.
“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”.