13 Jul 2015
GBP/USD tough resistance at 1.5574 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could find strong resistance around 1.5574 and then 1.5602.
Key Quotes
“GBP/USD despite Fridays rally no resistance of note was dislodged and the market remains capped by the short term downtrend at 1.5574 today”.
“We target initially support at 1.5171, the June low and favour losses beyond here”.
“Rallies should remain capped by the 1.5574 resistance line, and that resistance is reinforced by the 1.5602 previous uptrend (now resistance) and the 1.5653 20 day ma”.
“We note that the intraday Elliott wave counts are suggesting that the market halts circa 1.5550”.
Key Quotes
“GBP/USD despite Fridays rally no resistance of note was dislodged and the market remains capped by the short term downtrend at 1.5574 today”.
“We target initially support at 1.5171, the June low and favour losses beyond here”.
“Rallies should remain capped by the 1.5574 resistance line, and that resistance is reinforced by the 1.5602 previous uptrend (now resistance) and the 1.5653 20 day ma”.
“We note that the intraday Elliott wave counts are suggesting that the market halts circa 1.5550”.