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

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/USD flirting with 1.5500

  2. Forex News

    GBP/USD might see further losses below 1.5445 – FXStreet

  3. Forex News

    GBP/USD: Steady after 1.5% weekly loss

  4. Forex News

    EU membership uncertainty could weigh on the GBP – Rabobank

  5. Forex News

    GBP/USD Technical Analysis: Six-Week Uptrend Overturned?

Trading Center