FXStreet (Edinburgh) – According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could likely see a temporary squeeze higher in the short-term.
Key Quotes
“GBP/USD has again sold off – it has a 13 count in the daily chart and we consider that the market is somewhat over stretched on the downside. We look for a near term rebound ahead of further losses to the 1.4568 2015 low”.
“Currently intraday Elliott counts are suggesting that the down move is exhausted for now and we note 13 counts on both the 60 and 240 minute charts. Rallies should struggle 1.4925/1.5000 and while capped here the market will remain offered”.
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