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8 Jan 2015
GBP/USD might move towards 1.4813 levels – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, anticipates the GBP/USD pair to move towards the 1.4910/ 1.4813 long term Fibo and 2013 low as the pair continues to plunge lower.
Key Quotes
“GBP/USD continues to plunge lower and has started to erode the 1.5090 2010-2015 support line and in doing so targets the 1.4910/1.4813 long term Fibo and 2013 low. We note the intraday Elliot way count on the 60 minute chart is suggesting a retracement to 1.5280/1.5375 and we would sell rallies into this zone near term.”
“We have a 6 month resistance line at 1.5567 and while capped here the market will remain directly offered. Key resistance is the 1.5855 November 2013 low.“
Key Quotes
“GBP/USD continues to plunge lower and has started to erode the 1.5090 2010-2015 support line and in doing so targets the 1.4910/1.4813 long term Fibo and 2013 low. We note the intraday Elliot way count on the 60 minute chart is suggesting a retracement to 1.5280/1.5375 and we would sell rallies into this zone near term.”
“We have a 6 month resistance line at 1.5567 and while capped here the market will remain directly offered. Key resistance is the 1.5855 November 2013 low.“