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6 Aug 2013
Flash: Upside follow through in Sterling – Commerzbank
FXstreet.com (Barcelona) - With BoE Inflation report tomorrow coming up, Axel Rudolph, Senior Technical Analyst noted GBP/USD charted an outside day to the topside on Friday, and saw some follow through strength yesterday.
Key Quotes:
“Currently we remain unable to rule out a retest of the 1.5432 July high. Loss of 1.5100 is needed to suggest further losses to the 1.5015 May low then 1.4854/32 support zones”.
“Only should 1.5435 be eroded (not favoured) we will have to allow for further upside gains to 1.5551 the 78.6% retracement”.
“Shorter term (1-3 weeks): Upside corrective. Medium term (1-3 months): Longer term we look for losses to 1.4832, then 1.4229, the 2010 low”.
Key Quotes:
“Currently we remain unable to rule out a retest of the 1.5432 July high. Loss of 1.5100 is needed to suggest further losses to the 1.5015 May low then 1.4854/32 support zones”.
“Only should 1.5435 be eroded (not favoured) we will have to allow for further upside gains to 1.5551 the 78.6% retracement”.
“Shorter term (1-3 weeks): Upside corrective. Medium term (1-3 months): Longer term we look for losses to 1.4832, then 1.4229, the 2010 low”.