Back
9 Apr 2015
GBP/USD bearish below 1.5247 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the downtrend in the pair prevails below 1.5247.
Key Quotes
“GBP/USD has seen a strong recovery within its March 18 extremes at 1.5148 and 1.4636”.
“However has not yet overcome he 1.50 level, which offers interim resistance”.
“Key resistance remains the 2014- 2015 downtrend channel resistance line at 1.5247. While it caps, the down trend will remain intact with the 1.4700 level and also the 1.4636 March low remaining in focus”.
“Eventually the 1.4291/29 area should be reached as well. It is where the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low”.
Key Quotes
“GBP/USD has seen a strong recovery within its March 18 extremes at 1.5148 and 1.4636”.
“However has not yet overcome he 1.50 level, which offers interim resistance”.
“Key resistance remains the 2014- 2015 downtrend channel resistance line at 1.5247. While it caps, the down trend will remain intact with the 1.4700 level and also the 1.4636 March low remaining in focus”.
“Eventually the 1.4291/29 area should be reached as well. It is where the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low”.