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19 Mar 2015
GBP/USD downside remains intact
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook for the pair remains bearish.
Key Quotes
“GBP/USD despite charting a massive key day reversal the market has done no real damage to the overhead resistance and the rally last night remained capped by the base of the cloud at 1.5162 today and the 55 day ma 1.5183”.
“The 2014-2015 down channel at 1.5399 was left well alone – this suggests that the down move remains intact”.
“We look for a retest of the 1.4813 2013 low then 1.4635 the recent low and eventually target 1.4291/29, the 78.6% retracement of the move from 2009 and the 2010 low”.
Key Quotes
“GBP/USD despite charting a massive key day reversal the market has done no real damage to the overhead resistance and the rally last night remained capped by the base of the cloud at 1.5162 today and the 55 day ma 1.5183”.
“The 2014-2015 down channel at 1.5399 was left well alone – this suggests that the down move remains intact”.
“We look for a retest of the 1.4813 2013 low then 1.4635 the recent low and eventually target 1.4291/29, the 78.6% retracement of the move from 2009 and the 2010 low”.