- Analytics
- News and Tools
- Market News
- GBP/USD is consolidating higher – Commerzbank
GBP/USD is consolidating higher – Commerzbank
In view of Karen Jones, analyst at Commerzbank, GBP/USD pair is consolidating/correcting higher very near term after last week the market sold off to the base of its short term channel at 1.2011 and the January 2017 low at 1.1988.
“Last weeks low was 1.2080, but given the 13 count on the daily chart we would allow for this to hold the initial test and prompt a near term rebound. Below here lies the 1.1491 3 rd October low (according to CQG). Rallies, if seen, should struggle circa 1.2320. It stays negative while contained by its 2 month downtrend at 1.2437 today. Above the downtrend this would introduce scope to the 55 day ma at 1.2536 and the June high at 1.2784. Only a rise above the June high at 1.2784 would indicate that a bottom is being formed (not favoured).”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
