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3 Dec 2014
GBP/USD lows at 1.5598/92 remain in focus – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that GBP/USD sold off again yesterday after ignoring Monday’s reversal, and sees focus developing on the 1.5595/92 lows.
Key Quotes
“GBP/USD completely ignored its key day reversal from the day prior and again sold off. The 1.5595/92 lows remain in focus. These are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013. Please note we have 13 counts on both the 60 minute and 240 minute charts and TD support at 1.5530 – both suggest near term rallies ahead of further weakness.”
“The market is expected to find good resistance offered by the 1.5855 November 2013 low and the 1.5832 four month downtrend line and for now will attempt small shorts here. Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact.”
Key Quotes
“GBP/USD completely ignored its key day reversal from the day prior and again sold off. The 1.5595/92 lows remain in focus. These are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013. Please note we have 13 counts on both the 60 minute and 240 minute charts and TD support at 1.5530 – both suggest near term rallies ahead of further weakness.”
“The market is expected to find good resistance offered by the 1.5855 November 2013 low and the 1.5832 four month downtrend line and for now will attempt small shorts here. Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact.”