28 May 2014
GBP/USD turning bearish? – Commerzbank
FXStreet (Edinburgh) - The recent deep pullback could see the GBP/USD come under further downside pressure, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD yesterday charted an outside day to the downside and this leaves the 6 month uptrend at 1.6784 exposed”.
“Failure here will alleviate upside pressure and see the market come under downside pressure”.
“Below support at 1.6732 (mid May low) lies the 1.6683/72 late March high and the mid-April low and then 1.6794 the 23.6% retracement if the 2013-2014 move”.
Key Quotes
“GBP/USD yesterday charted an outside day to the downside and this leaves the 6 month uptrend at 1.6784 exposed”.
“Failure here will alleviate upside pressure and see the market come under downside pressure”.
“Below support at 1.6732 (mid May low) lies the 1.6683/72 late March high and the mid-April low and then 1.6794 the 23.6% retracement if the 2013-2014 move”.