GBP/USD: Recovery in sight? – Commerzbank
|In view of Karen Jones, analyst at Commerzbank, GBP/USD pair saw no upside follow through and the market has dipped back towards the 20 day ma at 1.2153.
Key Quotes
“Provided this holds the downside, we look for recovery to the 55 day ma at 1.2384 and the June high at 1.2784. But this lack of follow through is worrying and below the 20 day ma will alleviate immediate upside pressure and refocus attention on to the 1.2015 recent low and TD support at 1.1988.”
“Below 1.1988 lies the 1.1491 3 rd October low (according to CQG).”
“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.