18 Jul 2013
Flash: GBP/USD corrective only - Commerzbank
FXstreet.com (London) - Chief Analyst at Commerzbank, Karen Jones, views GBP/USD’s upside as corrective only.
Key Quotes:
“GBP/USD shot higher yesterday, but said the pair has still not cleared the 1.5300/05 resistance”.
“We continue to view the rebound from support at as corrective”.
“…Elliot wave counts on the 240 minute chart suggests the rally will fail circa the more important 1.5305 level (50% retracement). Provided it does so, attention should revert to the 1.4854/32 support”.
Key Quotes:
“GBP/USD shot higher yesterday, but said the pair has still not cleared the 1.5300/05 resistance”.
“We continue to view the rebound from support at as corrective”.
“…Elliot wave counts on the 240 minute chart suggests the rally will fail circa the more important 1.5305 level (50% retracement). Provided it does so, attention should revert to the 1.4854/32 support”.