23 Jul 2015
GBP/USD rallies still capped by 1.5700 – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, gains in spot should be limited by the 1.5700 handle so far.
Key Quotes
“We maintain our view that the push up to 1.5674 was corrective only”.
“Therefore for now, our negative bias remains intact and we look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here. Initial target is the 200 day ma at 1.5411 and 1.5332 the July low”.
“Above 1.5700 will force us to neutralise our outlook and allow for another punch up towards 1.5813 and 1.5930, the highs that we saw in May and June. If seen, we look for these to again hold”.
Key Quotes
“We maintain our view that the push up to 1.5674 was corrective only”.
“Therefore for now, our negative bias remains intact and we look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here. Initial target is the 200 day ma at 1.5411 and 1.5332 the July low”.
“Above 1.5700 will force us to neutralise our outlook and allow for another punch up towards 1.5813 and 1.5930, the highs that we saw in May and June. If seen, we look for these to again hold”.