GBP/USD is on the defensive – Commerzbank
|Karen Jones, analyst at Commerzbank, notes that GBP/USD recovered slightly yesterday but has not dislodged any resistance of note and is on the defensive.
Key Quotes
“Attention has reverted to the January 2017 low at 1.1988 (we have a 13 count on the daily chart and TD support is 1.1988). This does imply that we are likely to see this hold the initial test. Below here lies the 1.1491 3rd October low (according to CQG). Rallies, if seen, should struggle circa 1.2210/1.2320.”
“It stays negative while contained by its 3 month downtrend at 1.2392 today. Only above the downtrend this would introduce scope to the 55 day ma at 1.2492 and the June high at 1.2784.”
“Only a rise above the June high at 1.2784 would indicate that a bottom is being formed (not favoured).”
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.