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13 Nov 2014
GBP/USD sold after the BOE inflation report - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank sees GBP/USD under pressure after it sold off due to the BOE inflation report.
Key Quotes
“It (GBP/USD) is under pressure and has started to erode the 1.5781 38.2% retracement of the move from 2008. This leaves support at 1.5751/1.5721 exposed, the June high and 61.8% retracement of the move from 2013 and the 1.5780 38.2% retracement of the entire move from 2008. This is regarded as the break down point to 1.5320 the 78.6% retracement of the move from 2013.”
Key Quotes
“It (GBP/USD) is under pressure and has started to erode the 1.5781 38.2% retracement of the move from 2008. This leaves support at 1.5751/1.5721 exposed, the June high and 61.8% retracement of the move from 2013 and the 1.5780 38.2% retracement of the entire move from 2008. This is regarded as the break down point to 1.5320 the 78.6% retracement of the move from 2013.”