FXStreet (Guatemala) – Karen Jones, chief analyst at Commerzbank offered a negative put look for GBP/USD.
Key Quotes:
“GBP/USD continues to hold quietly sideways keeping the outlook negative. Given the recent failure of the market around the 50% retracement and 200 week ma (circa 1.5879) and the fact that we continue to suspect that this is a potential large bearish rising wedge pattern – we remain negative. Intraday Elliott wave count has become more negative and is suggesting that the market will now fail on rallies to the 1.5780 area.”
“The market will have to drop back below 1.5550 (February high) to trigger losses to the 2 month uptrend at 1.5465. Only below here will cast attention back to the support at 1.5171, the June low.Intraday Elliott wave count has become more negative and is suggesting that the market will now fail on rallies to the 1.5780 area.”
“The market will have to drop back below 1.5550 (February high) to trigger losses to the 2 month uptrend at 1.5465. Only below here will cast attention back to the support at 1.5171, the June low.”
(Market News Provided by FXstreet)