15 Oct 2013
Flash: The uptrend line at 1.5945 still underpins the GBP/USD – Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank suggests that the GBP/USD seems to have found support around the July-to-October uptrend line at 1.5945.
Key Quotes
“While it is likely that this will continue to hold for a few more days, our favored scenario is that the rebound will turn out to be tepid with it remaining below the 1.6123 October 8 high.”
“Failure at the uptrend line should trigger another leg lower to the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement.”
Key Quotes
“While it is likely that this will continue to hold for a few more days, our favored scenario is that the rebound will turn out to be tepid with it remaining below the 1.6123 October 8 high.”
“Failure at the uptrend line should trigger another leg lower to the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement.”