22 Jul 2015
GBP/USD: rallies limited around 1.5700 – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts in the pair could be capped by the 1.5700 handle.
Key Quotes
“GBP/USD remains under pressure and started to erode the 55 day ma at 1.5555”.
“We maintain our view that the push up to 1.5674 was corrective only”.
“Therefore for now, our negative bias remains intact and we look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here”.
“Initial target is the 200 day ma at 1.5413 and 1.5332 the July low”.
Key Quotes
“GBP/USD remains under pressure and started to erode the 55 day ma at 1.5555”.
“We maintain our view that the push up to 1.5674 was corrective only”.
“Therefore for now, our negative bias remains intact and we look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here”.
“Initial target is the 200 day ma at 1.5413 and 1.5332 the July low”.