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12 Aug 2014
GBP/USD potential consolidation ahead – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair attempting a consolidative pattern prior to resume its downside.
Key Quotes
“GBP/USD the recent low has not been confirmed by the daily RSI and we may see some consolidation ahead of further losses”.
“Beyond this we target 1.6694/55 (200 day ma) initially then 1.6523 en route to 1.6280/53 the 38.2% retracement of the move from 2013 to 2014 and the 2014 low”.
“Longer term we eventually look for losses back to 1.60”.
“Rallies will find minor resistance at 1.6870/88 and are indicated to terminate circa 1.6840/90 and remain capped by the 20 day ma at 1.6938”.
“We remain longer term bearish and continue to view the 1.7190 peak as an interim top for the market”.
Key Quotes
“GBP/USD the recent low has not been confirmed by the daily RSI and we may see some consolidation ahead of further losses”.
“Beyond this we target 1.6694/55 (200 day ma) initially then 1.6523 en route to 1.6280/53 the 38.2% retracement of the move from 2013 to 2014 and the 2014 low”.
“Longer term we eventually look for losses back to 1.60”.
“Rallies will find minor resistance at 1.6870/88 and are indicated to terminate circa 1.6840/90 and remain capped by the 20 day ma at 1.6938”.
“We remain longer term bearish and continue to view the 1.7190 peak as an interim top for the market”.