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15 Jan 2015
GBP/USD correction over – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that hourly technicals indicate that GBP/USD correction is already complete, and further suggests attempting tiny shorts on the pair.
Key Quotes
“GBP/USD remains upside corrective near term and the correction appears to be gaining traction. The Elliot wave count on the daily is suggesting that we allow for a deeper phase to test the downtrend at 1.5503, the count on the 60 minute chart is suggesting that the correction is already complete and for now we will attempt tiny shorts.”
“Last week the market failed to tackle psychological support at 1.5000 directly below 1.5000 we have the 1.4910/1.4813 long term Fibo and 2013 low but look for this to hold the downside on the initial test.”
“We have a 6 month resistance line at 1.5503 and while capped here, the market will remain directly offered. Key resistance is the 1.5855 November 2013 low.”
Key Quotes
“GBP/USD remains upside corrective near term and the correction appears to be gaining traction. The Elliot wave count on the daily is suggesting that we allow for a deeper phase to test the downtrend at 1.5503, the count on the 60 minute chart is suggesting that the correction is already complete and for now we will attempt tiny shorts.”
“Last week the market failed to tackle psychological support at 1.5000 directly below 1.5000 we have the 1.4910/1.4813 long term Fibo and 2013 low but look for this to hold the downside on the initial test.”
“We have a 6 month resistance line at 1.5503 and while capped here, the market will remain directly offered. Key resistance is the 1.5855 November 2013 low.”