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5 Jun 2013
Flash: GBP continues its correction mode – Commerzbank
FXstreet.com (London) - GBPUSD has continued to drift higher in its corrective mode. Analysts at Commerzbank suspect that the corrective rebound will extend further to the 78.6% retracement resistance at 1.5470.
"However, we continue to view the current strength as corrective only. We will maintain an overall negative bias while capped by the 1.5601 May high,” said Karen Jones, senior analysts at Commerzbank. She continued to say that interim support lies at 1.5240/1.5190 ahead of key support, which remains the 1.5035/1.4997 target zone, made up of the April and the 20th of March lows as well as the 78.6% Fibonacci retracement of the March- to-May rise. Support at 1.4997 is regarded as the last defence for 1.4832, the March low.
"However, we continue to view the current strength as corrective only. We will maintain an overall negative bias while capped by the 1.5601 May high,” said Karen Jones, senior analysts at Commerzbank. She continued to say that interim support lies at 1.5240/1.5190 ahead of key support, which remains the 1.5035/1.4997 target zone, made up of the April and the 20th of March lows as well as the 78.6% Fibonacci retracement of the March- to-May rise. Support at 1.4997 is regarded as the last defence for 1.4832, the March low.