GBP/USD: rebound likely in the near term – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    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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