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”.



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