GBP/USD: Signs of near term recovery - Commerzbank

Sandeep Kanihama FXStreet Contributor

In view of Karen Jones, analyst at Commerzbank, GBP/USD pair is continuously showing signs of near term recovery following its recent reversal ahead of the 61.8% retracement at 1.2740.

Key Quotes

“It has overcome the 200 day ma at 1.3002 to alleviate downside pressure. Our attention has reverted to the 1.3217 recent high. The intraday Elliott wave counts are conflicting.”

“Below the 1.2739/61.8% retracement we would allow for losses to the 1.2669/62 15th January low and August low and possibly the 1.2609/78.6% retracement.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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