GBP/USD negative bias intact below 1.4243/1.4340 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted Cable’s negative stance remains unchanged while trades below the 1.4243/1.4340 band.

Key Quotes

“GBP/USD continues to recover ahead of the five month uptrend line at 1.3952. Further support can be seen between the February and the March lows at 1.3765/12 and also at the 1.3658 September peak. The market is side lined, but intraday Elliott wave counts are more positive”.

“The market remains capped by the 1.4243 200 week ma and the 1.4340/45 recent high and long term Fibonacci retracement and while capped here a negative bias will remain entrenched. Current analysis suggests that the market will again fail here”.

“The 1.4345 high guards the 1.4565 April 2015 low and the 1.5000 region”.