In light of the recent price action, Cable remains bid in the near term horizon, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“It has eroded the 1.3000/60 recent high and in doing so introduced scope to the 1.3446/60 September 2016 high. Intraday Elliott wave counts are implying that the market will fall short of this target. We also note the 13 count on the 60 minute chart and will wait to buy the dips - initial support lies 1.3000/60 and key support remains 1.2775/50”.
“The market should now find decent support circa 1.2775/50. Below 1.2750 there is scope for an extension to its 200 day ma and uptrend at 1.2556/1.2600”.
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 securities. 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 Forex 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.