29 Feb 2016
GBP/USD still targets 1.3502 – Commerzbank
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s longer term target remains at 1.3502.
Key Quotes
“GBP/USD charted an outside day to the downside on Friday and not only do we have a 13 count but the daily RSI has yet to confirm the new low, so caution is warranted and for now we will tighten stops on shorts”.
“Our initial target remains 1.3502 the 2009 low. Below 1.3500 our primary target will be 1.2750 the 78.6% retracement at 1985”.
Key Quotes
“GBP/USD charted an outside day to the downside on Friday and not only do we have a 13 count but the daily RSI has yet to confirm the new low, so caution is warranted and for now we will tighten stops on shorts”.
“Our initial target remains 1.3502 the 2009 low. Below 1.3500 our primary target will be 1.2750 the 78.6% retracement at 1985”.