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13 Aug 2013
Flash: GBP/USD still comes off the 78.6% Fibo retracement - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD is to come off further from its current 1.5574 August high and targets the 1.5432 July 25 high.
Key Quotes
“Last week’s rally looks directional, however, and we still have to allow for a stab to 1.5605/42, the May peak and uptrend channel resistance line. “
“If overcome, a challenge of the 1.5752/55 June high and the 200 week moving average could still be seen. GBP/USD will remain bid while trading above the two month uptrend channel line at 1.5217.”
Key Quotes
“Last week’s rally looks directional, however, and we still have to allow for a stab to 1.5605/42, the May peak and uptrend channel resistance line. “
“If overcome, a challenge of the 1.5752/55 June high and the 200 week moving average could still be seen. GBP/USD will remain bid while trading above the two month uptrend channel line at 1.5217.”