8 Jul 2015
GBP/USD: Bearish and target 1.5171 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that GBP/USD has broken down from the 3-month uptrend and in doing so completed a large rising wedge pattern.
Key Quotes:
"The market has reached the 38.2% retracement of the move up from April, this is located at 1.5410, while this may prompt a small rebound, we look for the topside to remain contained by the 1.5641 resistance line."
"We are bearish and will look for further losses."
"We target initially support at 1.5171, the June low and favour losses beyond here."
Key Quotes:
"The market has reached the 38.2% retracement of the move up from April, this is located at 1.5410, while this may prompt a small rebound, we look for the topside to remain contained by the 1.5641 resistance line."
"We are bearish and will look for further losses."
"We target initially support at 1.5171, the June low and favour losses beyond here."