Forex Flash: GBP/USD holds negative bias – Commerzbank
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GBP/USD
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank has taken a look at GBPUSD from a purely technical perspective.
Jones starts by noting that Cable is squaring up to challenge tough overhead resistance at 1.6125/30, the 61.8% retracement, where the market has failed several times over the past week. She is continuing to look for failure here and is anticipating a slide back to 1.5980 before 1.5830/5770. She believes that this band of support contains the recent low, the June high and the 55 & 200 W MA's are found here. Jones sees resistance at 1.6125/30 which in turn is guarding the 1.6185 mid October highs. Jones is currently short 1.6125, with a stop at 1.6135 and a target of 1.5900.
Jones starts by noting that Cable is squaring up to challenge tough overhead resistance at 1.6125/30, the 61.8% retracement, where the market has failed several times over the past week. She is continuing to look for failure here and is anticipating a slide back to 1.5980 before 1.5830/5770. She believes that this band of support contains the recent low, the June high and the 55 & 200 W MA's are found here. Jones sees resistance at 1.6125/30 which in turn is guarding the 1.6185 mid October highs. Jones is currently short 1.6125, with a stop at 1.6135 and a target of 1.5900.
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