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3 Apr 2014
GBP/USD sidelined below the 1.6667 mid Jan high - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD continues to hold sideways and currently we must allow for an extension to the 1.6822 February high.
Key Quotes
“The Elliott wave count on the 240 minute chart is implying a potential target of 1.69 (we are not so convinced). The weekly and monthly Elliott wave counts are suggesting that this is/will be the end of the move.”
“Interim pullbacks should find some support at 1.6574 (55 day ma) but key near term support is 1.6470. Only failure to hold 1.6470 would see the market re-focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6% retracement of the move up from July 2013).”
Key Quotes
“The Elliott wave count on the 240 minute chart is implying a potential target of 1.69 (we are not so convinced). The weekly and monthly Elliott wave counts are suggesting that this is/will be the end of the move.”
“Interim pullbacks should find some support at 1.6574 (55 day ma) but key near term support is 1.6470. Only failure to hold 1.6470 would see the market re-focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6% retracement of the move up from July 2013).”