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30 Oct 2015
GBP/USD still poised to test 1.5202/00 – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still remains focused on the 1.5202/00 area.
Key Quotes
“GBP/USD is consolidating very near term following over one week of losses”.
“The market continues to weigh on the downside following the erosion of the 20 day m.a (this is likely to now act as support 1.5338/46)”.
“We look for the market to remain under pressure to retest 1.5202/00 the low from mid October. Failure here is required to retarget the 1.5172/55 June and September lows on route to the 1.5108 1st October low”.
“The more important 1.5086/1.5000 support, which is the 61.8% retracement and psychological support is likely to provide strong support”.
Key Quotes
“GBP/USD is consolidating very near term following over one week of losses”.
“The market continues to weigh on the downside following the erosion of the 20 day m.a (this is likely to now act as support 1.5338/46)”.
“We look for the market to remain under pressure to retest 1.5202/00 the low from mid October. Failure here is required to retarget the 1.5172/55 June and September lows on route to the 1.5108 1st October low”.
“The more important 1.5086/1.5000 support, which is the 61.8% retracement and psychological support is likely to provide strong support”.