25 Jun 2015
GBP/USD perspective remain on the negative side – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the pair remains neagative.
Key Quotes
“GBP/USD’s outlook remains negative. Given the failure of the market around the 50% retracement and 200 week ma (circa 1.5872) and the fact that we continue to suspect that this is a potential large bearish rising wedge pattern – we are viewing this in an increasingly negative light”.
“Intraday Elliott wave count has become more negative and is suggesting that the market will now fail on rallies to the 1.5760 area”.
“The market will have to drop back below 1.5550 (February high) to trigger losses to the 2 month uptrend at 1.5416. Only below here will cast attention back to the support at 1.5171, the June low”.
Key Quotes
“GBP/USD’s outlook remains negative. Given the failure of the market around the 50% retracement and 200 week ma (circa 1.5872) and the fact that we continue to suspect that this is a potential large bearish rising wedge pattern – we are viewing this in an increasingly negative light”.
“Intraday Elliott wave count has become more negative and is suggesting that the market will now fail on rallies to the 1.5760 area”.
“The market will have to drop back below 1.5550 (February high) to trigger losses to the 2 month uptrend at 1.5416. Only below here will cast attention back to the support at 1.5171, the June low”.