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10 Nov 2014
GBP/USD – New lows for the year not confirmed by the daily RSI – Commerzbank
FXStreet (Barcelona) - According to Karen Jones, Head of Technical Analysis at Commerzbank, the negative bias is still intact for GBP/USD pair, with a medium term target of 1.5780/1.5721 en route to 1.5320 then 1.5201, the long term targets.
Key Quotes
“GBP/USD last week eroded the 1.5874/55 October low and the November 2013 low and fell to new lows for the year, it has held over the 1.5781 38.2% retracement of the move from 2008. This new low has not been confirmed by the daily or weekly RSI, which has diverged and we are concerned that we will see a retracement ahead of any further weakness. Rallies are expected to remain capped by the 1.6060 4 month downtrend. Key resistance remains at 1.6185 and while capped here a negative bias remains intact.”
Key Quotes
“GBP/USD last week eroded the 1.5874/55 October low and the November 2013 low and fell to new lows for the year, it has held over the 1.5781 38.2% retracement of the move from 2008. This new low has not been confirmed by the daily or weekly RSI, which has diverged and we are concerned that we will see a retracement ahead of any further weakness. Rallies are expected to remain capped by the 1.6060 4 month downtrend. Key resistance remains at 1.6185 and while capped here a negative bias remains intact.”