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28 Aug 2015
GBP/USD: Allow for a small rebound towards 1.5500 - Commerzbank
FXStreet (Bali) - Karen Jones, Head of FICC Technical Analysis Research at Commerzbank AG, expects GBP/USD to produce a minor recovery towards 1.55 after testing the 200-dma.
Key Quotes
"GBP/USD has sold off to the 1.5369 200 day ma, which has held the initial test."
"We note the TD perfected set up on the 60 minute chart and would allow for a small rebound from here towards 1.5500."
"Directly below lies the 1.5332 July low. A close below here is looking increasingly likely and will trigger losses to the 1.5172 June low and 1.5088 the 61.8% retracement."
Key Quotes
"GBP/USD has sold off to the 1.5369 200 day ma, which has held the initial test."
"We note the TD perfected set up on the 60 minute chart and would allow for a small rebound from here towards 1.5500."
"Directly below lies the 1.5332 July low. A close below here is looking increasingly likely and will trigger losses to the 1.5172 June low and 1.5088 the 61.8% retracement."