5 Nov 2013
Flash: GBP/USD holding initial support at 1.5915-1.5895 - Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank suggests that GBP/USD is seeing a small rebound from the 1.5895 mid October low.
Key Quotes
“Rebounds from here are indicated to remain fairly tepid and shall ideally terminate circa 1.5985/1.6040. We regard the pattern as a potential double top and a close below 1.5895 will complete the pattern to offer a minimum downside measurement to 1.5535.”
“Given the close proximity of the 200 day ma at 1.5488 to this target zone this makes a good initial downside target. Rallies will find additional resistance at the 20 day at 1.6064 and should now be contained by 1.6080.”
Key Quotes
“Rebounds from here are indicated to remain fairly tepid and shall ideally terminate circa 1.5985/1.6040. We regard the pattern as a potential double top and a close below 1.5895 will complete the pattern to offer a minimum downside measurement to 1.5535.”
“Given the close proximity of the 200 day ma at 1.5488 to this target zone this makes a good initial downside target. Rallies will find additional resistance at the 20 day at 1.6064 and should now be contained by 1.6080.”