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12 Aug 2013
Flash: GBP/USD comes off the 78.6% Fibonacci retracement - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD’s recent sharp gains last week took it to 1.5574 from where it has been easing back these past few days.
Key Quotes
“We remain unable to rule out stabs into the 1.5605/26 May high and top of the channel, though.”
“The Elliott wave count is suggesting we should stall here, but we have a number of conflicting signals.”
“However recent moves do look directional. Above 1.5605/26 we would have to allow for a challenge to the 1.5752/55 June high and the 200 week ma. The market stays bid above the 6 week channel at 1.5201.”
Key Quotes
“We remain unable to rule out stabs into the 1.5605/26 May high and top of the channel, though.”
“The Elliott wave count is suggesting we should stall here, but we have a number of conflicting signals.”
“However recent moves do look directional. Above 1.5605/26 we would have to allow for a challenge to the 1.5752/55 June high and the 200 week ma. The market stays bid above the 6 week channel at 1.5201.”