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23 Jan 2015
GBP/USD focus on the 2013 lows at 1.4910/1.4813 – Commerzbank
FXStreet (Barcelona) - According to Karen Jones, Head of Technical Analysis at Commerzbank, GBP/USD might move towards the 2013 lows at 1.4910/1.4813 in the medium term, below which the pair might target 1.4290/30 levels.
Key Quotes
“GBP/USD no change, our bias remains negative, and the market has finally started to erode the 1.5000 psychological level. Below here we have the 1.4910/1.4813 long term Fibo and 2013 low but look for this to hold the downside on the initial test.”
“Near term rallies are expected to continue to struggle at 1.5229/1.5300, but key resistance is the downtrend at 1.5427, while capped here, our negative bias will remain entrenched. Above the downtrend, key resistance is the 1.5855 November 2013 low.”
“Shorter term (1-3 weeks): Negative below downtrend.”
“Medium term (1-3 months): Targets 1.4910/1.4813 long term Fibo and 2013 low. Below here targets 1.4290/30.”
Key Quotes
“GBP/USD no change, our bias remains negative, and the market has finally started to erode the 1.5000 psychological level. Below here we have the 1.4910/1.4813 long term Fibo and 2013 low but look for this to hold the downside on the initial test.”
“Near term rallies are expected to continue to struggle at 1.5229/1.5300, but key resistance is the downtrend at 1.5427, while capped here, our negative bias will remain entrenched. Above the downtrend, key resistance is the 1.5855 November 2013 low.”
“Shorter term (1-3 weeks): Negative below downtrend.”
“Medium term (1-3 months): Targets 1.4910/1.4813 long term Fibo and 2013 low. Below here targets 1.4290/30.”