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30 Sep 2014
GBP/USD negative below 1.6428 - Commerzbank
FXStreet (London) - Karen Jones, Head of Technical Analysis at Commerzbank sees no change, and her outlook is bearish for GBP/USD.
Key Quotes
“Last week the market eroded its short term uptrend and we will assume that the correction higher we have seen since September has ended. “
“We look for losses to 1.6163/54 ahead of the 1.6053 recent low en route to 1.6015/00 (200 week ma and 50% retracement of the move up from 2013) then 1.5721 the 61.8% retracement of the move from 2013.”
“The daily chart has a downtrend at 1.6428 and while capped here it remains directly offered. Key resistance is 1.6644/46 – the September high and the 200 month ma. This together with the 200 day ma at 1.6689 is expected to cap the topside.”
Key Quotes
“Last week the market eroded its short term uptrend and we will assume that the correction higher we have seen since September has ended. “
“We look for losses to 1.6163/54 ahead of the 1.6053 recent low en route to 1.6015/00 (200 week ma and 50% retracement of the move up from 2013) then 1.5721 the 61.8% retracement of the move from 2013.”
“The daily chart has a downtrend at 1.6428 and while capped here it remains directly offered. Key resistance is 1.6644/46 – the September high and the 200 month ma. This together with the 200 day ma at 1.6689 is expected to cap the topside.”