GBP/USD bullish above 1.6952/1.6851 – Commerzbank

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair would keep the upside bias while above the 1.6952/1.6851 area.



Key Quotes



GBP/USD is reluctant to break down it seems and the intraday Elliott wave counts are suggesting that the corrective phase may already be over, and we may see near term stabs higher”.



“The TD resistance on the 240 minute chart lies at 1.7200 and while below here we cannot rule out a retracement to 1.70 for now”.



“Provided that we remain under pinned by the 1.6952/1.6851 support an immediate upside bias is preserved”.



You May Also Like

Related Forex Analysis
  1. GBP/USD Doji On The Daily Denotes Indecision As Range Endures
    Forex News

    GBP/USD Doji On The Daily Denotes Indecision As Range Endures

  2. GBP/USD support at 1.5600 will pause the selloff – RBS
    Forex News

    GBP/USD support at 1.5600 will pause the selloff – RBS

  3. Japanese Yen May Rise as Year-End Capital Flows Begin to Emerge
    Forex News

    Japanese Yen May Rise as Year-End Capital Flows Begin to Emerge

  4. Dollar and Yields Slide Despite Improved US Data
    Forex News

    Dollar and Yields Slide Despite Improved US Data

  5. Video: Event Risk Can Set Off Volatility, but Carry Trends?
    Forex News

    Video: Event Risk Can Set Off Volatility, but Carry Trends?

Trading Center