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28 Jul 2015
Negative bias persists on GBP/USD – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair still entrenched into the negative bias.
Key Quotes
“GBP/USD held steady yesterday and even saw a slight recovery. The market has seen repeated failure at the 1.5674 recent high over the past 2 weeks and on Thursday charted a key day reversal to the downside, yet for some reason the intraday Elliott wave counts remain positive. We will tighten our stops on our short positions as a precaution”.
“For now our negative bias remains entrenched and we look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here. Initial target is the 200 day ma at 1.5402 and 1.5332 the July low”.
Key Quotes
“GBP/USD held steady yesterday and even saw a slight recovery. The market has seen repeated failure at the 1.5674 recent high over the past 2 weeks and on Thursday charted a key day reversal to the downside, yet for some reason the intraday Elliott wave counts remain positive. We will tighten our stops on our short positions as a precaution”.
“For now our negative bias remains entrenched and we look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here. Initial target is the 200 day ma at 1.5402 and 1.5332 the July low”.