28 Nov 2014
GBP/USD correction should struggle at the 1.5872 level – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that GBP/USD is expected to find good resistance offered by the 1.5855 November 2013 low and the 1.5872 four month downtrend line.
Key Quotes
“Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact. Please note that the intraday Elliott wave counts have turned more positive and caution is warranted.”
“To alleviate immediate upside pressure, a slide back below the 1.5737 minor level will be needed. The 1.5595/92 recent lows are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”
Key Quotes
“Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact. Please note that the intraday Elliott wave counts have turned more positive and caution is warranted.”
“To alleviate immediate upside pressure, a slide back below the 1.5737 minor level will be needed. The 1.5595/92 recent lows are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”