GBP/USD: Move lower was likely - Commerzbank
|According to Karen Jones, analyst at Commerzbank, GBP/USD has sold off to and is holding at the 38.2% retracement at 1.2922, this looks exposed as the weakness in daily RSI gave an early warning signal that this move lower was likely.
Key Quotes
“There is potential for slippage to 1.2806 the 55 day ma and even 1.2669/62, the August low. Intraday rallies will now find resistance at 1.3030, the 200 day ma and will stay directly offered below here.”
“Overhead lies the 55 week ma at 1.3280. Here we also find the July, September and October highs at 1.3258/1.3363. We suspect that this will hold and provoke failure. Above here would target the June high at 1.3473 and the 200 week ma at 1.3641 (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.