GBP/USD under pressure? – Commerzbank

Karen Jones, analyst at Commerzbank, suggests that the GBP/USD seems to be under pressure as it has eroded the 50% retracement at 1.2830 and the 55 day ma at 1.2812.

Key Quotes

“Our attention is on the downside and we would allow for losses to the 1.2739/61.8% retracement and potentially the 1.2669/62 15th January low and August low. The intraday Elliott wave counts remain negative and are suggesting that the market will fail on rallies to the 1.2890/1.2940 band.”

“Only a move back above the 200 day ma at 1.3013 would be enough to cast our eyes back to the 1.3217 recent high.”