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7 Jan 2015
GBP/USD approaching the 2010-2015 support line at 1.5090 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that GBP/USD has eroded the 1.5250 5 year uptrend and is now approaching the 2010-2015 support line at 1.5090 levels.
Key Quotes
“GBP/USD has eroded the 1.5250 5 year uptrend and remains directly offered. The time zone gap to 1.5350 was partially filled (1.5318) and the market again aggressively sold off.”
“Below the market lies the 1.5090 2010-2015 support line and then we have 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 1.5580 and while capped here the market will remain directly offered. Key resistance is the 1.5855 November 2013 low.”
Key Quotes
“GBP/USD has eroded the 1.5250 5 year uptrend and remains directly offered. The time zone gap to 1.5350 was partially filled (1.5318) and the market again aggressively sold off.”
“Below the market lies the 1.5090 2010-2015 support line and then we have 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 1.5580 and while capped here the market will remain directly offered. Key resistance is the 1.5855 November 2013 low.”