GBP/USD upside remains corrective – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s stance remains upside corrective for the time being.

    Key Quotes

    GBP/USD managed to heave itself to 1.4411 last week and has now managed to clear its 20 day ma, which is located at 1.4360”.

    “This is the first time that the market has managed to overcome its 20 day ma this year”.

    “It remains upside corrective to Fibonacci resistance at 1.4492 and the 1.4568 April 2015 low. We note the Elliott wave on the daily chart is implying scope to the 1.4625/1.490 zone and this cannot be ruled out”.
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