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28 Feb 2014
Flash: GBP/USD remains capped by the 1.6740 interim resistance - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD is charting tight ranges and giving few clues to direction.
Key Quotes
“It continues to struggle to clear resistance at 1.6730/40 and the recent break of the 1.6600 Fibonacci support was not sustained and it is possible that it was only an ‘a-b-c’ correction lower.”
“The market will need to break back below 1.6535 (50% retracement) in order to re-focus attention on to the 1.6259/29 support which remains key (September high and the 23.6% retracement of the move up from July 2013).”
“We note that the Elliott wave counts on the daily, weekly and monthly charts indicate that this is the end phase of the move and we would expect to see the intraday rallies remain capped by 1.6735 ahead of the 1.6819 recent high.”
Key Quotes
“It continues to struggle to clear resistance at 1.6730/40 and the recent break of the 1.6600 Fibonacci support was not sustained and it is possible that it was only an ‘a-b-c’ correction lower.”
“The market will need to break back below 1.6535 (50% retracement) in order to re-focus attention on to the 1.6259/29 support which remains key (September high and the 23.6% retracement of the move up from July 2013).”
“We note that the Elliott wave counts on the daily, weekly and monthly charts indicate that this is the end phase of the move and we would expect to see the intraday rallies remain capped by 1.6735 ahead of the 1.6819 recent high.”