GBP/USD further losses below 1.2347 - Commerzbank
|In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, a break below 1.2347 could prompt Cable to test sub-1.2000 levels.
Key Quotes
“Sterling failed to close above near term resistance at (1.2579/81 February 9 th high, and the 78.6% retracement), and seen quite emphatic rejection from here. It has now broken below the 55 and 100 day moving averages and is on the defensive. Intraday Elliott counts are conflicting. Below 1.2347 (Feb low) would cast attention back to the 1.2110 recent low. This is considered to be the last defence for the 1.1988 January low and the bottom of the 5 month range at 1.1903”.
“Key near term resistance is the top of the channel at 1.2641. Only above the 1.2707 February high would allow for further strength to the 1.2776 December high to be seen. Between it and 1.2836 lie several Fibonacci retracements and major resistance and we suspect that it will fail there”.
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.