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GBP/USD strong support seen at 1.5086/1.5000 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the 1.5086/1.5000 area acting as strong support.

    Key Quotes

    GBP/USD is holding the 20 day ma very near term at 1.5326, this is expected to only act as temporary support following the key day reversal charted on Thursday to the downside”.

    “Attention has reverted to underlying support and a move below 1.5280 is required to alleviate immediate upside pressure (and is now favoured) but we will need a move sub 1.5200 to retarget the 1.5108 low”.

    “The more important 1.5086/1.5000 support which is the 61.8% retracement and psychological support is likely to provide strong support”.
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