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4 Jul 2014
GBP/USD potential for a pullback to 1.7000 – Commerzbank
FXStreet (Edinburgh) - The sterling could face a potential drop to the 1.7000 area, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD has shown astonishing resilience at current levels”.
“However the market has a TD perfected set up on the 240 minute chart and a 13 count with TD resistance at 1.7205 and no matter what time frame we look at – all of the Elliott wave counts etc are suggesting this is the end phase of the upmove”.
“We also have a 13 count on the 60 minute chart and TD resistances at 1.7200/05, these are short term sell signals and we would allow for a retracement to 1.70 for now”.
Key Quotes
“GBP/USD has shown astonishing resilience at current levels”.
“However the market has a TD perfected set up on the 240 minute chart and a 13 count with TD resistance at 1.7205 and no matter what time frame we look at – all of the Elliott wave counts etc are suggesting this is the end phase of the upmove”.
“We also have a 13 count on the 60 minute chart and TD resistances at 1.7200/05, these are short term sell signals and we would allow for a retracement to 1.70 for now”.