GBP/USD a move to 1.3338/43 not ruled out – Commerzbank
|Karen Jones, Head of FICC Technical Analysis at Commezbank, does not rule out a visit to the 1.3338/43 band.
Key Quotes
“GBP/USD last week eroded the short term downtrend, and continues to try and gain a foothold over the 55 day ma at 1.3248. We remain unable to rule out a move to 1.3338/43. While it holds here, our attention remains on the 1.3076 2016-2017 uptrend. The 1.3076 level represents the break down point to 1.2830/1.2774, the 38.2% retracement and August low, and the 1.2575 50% retracement”.
“The recent October high and the 50% retracement at 1.3338/43 continue to act as a short term ceiling for the market”.
“Above 1.3343 (50% retracement) would trigger a deeper recovery to potentially 1.3417/1.3515, the 61.8% and the 2014-2017 downtrend”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.