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Trading news
16 Apr 2015
GBP/USD in to over done territory? - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted that the GBP/USD’s near term recovery has reached the near term resistance line at 1.4900 but felt that the pair will peter out around here.
Key Quotes:
"We view this as corrective only, the recent low at 1.4568 has been accompanied by a large divergence of the daily RSI and this reflects a loss of downside momentum."
"Key resistance remains the 2014-2015 downtrend channel resistance line at 1.5196, but initial resistance at 1.50 maintains the immediate offered tone. Our longer term target remains the 1.4291/29 area – this is where the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low. Note that this is also a support line extending back to 1985."
Key Quotes:
"We view this as corrective only, the recent low at 1.4568 has been accompanied by a large divergence of the daily RSI and this reflects a loss of downside momentum."
"Key resistance remains the 2014-2015 downtrend channel resistance line at 1.5196, but initial resistance at 1.50 maintains the immediate offered tone. Our longer term target remains the 1.4291/29 area – this is where the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low. Note that this is also a support line extending back to 1985."