4 Mar 2015
GBP/USD: 1.5197 is on the cards then?- CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that GBP/USD remains offered following last weeks key day reversal.
Key Quotes:
"We continue to suspect that the market has topped at 1.5550."
"The market briefly traded above its cloud last week – we regard this as a false break higher and usually when these have been seen, markets tend to aggressively trade in the opposite direction."
"The Elliott wave count on the daily chart is suggesting this was the end of the short term correction higher however a break below the 55 day ma at 1.5308 will still be needed to alleviate upside pressure. This will retarget 1.5197 en route to 1.4953 the January low."
Key Quotes:
"We continue to suspect that the market has topped at 1.5550."
"The market briefly traded above its cloud last week – we regard this as a false break higher and usually when these have been seen, markets tend to aggressively trade in the opposite direction."
"The Elliott wave count on the daily chart is suggesting this was the end of the short term correction higher however a break below the 55 day ma at 1.5308 will still be needed to alleviate upside pressure. This will retarget 1.5197 en route to 1.4953 the January low."