Shares 115 Views

GBP/USD bias remains negative – Commerzbank

In light of the recent price action, Cable’s bias remains on the negative side, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

GBP/USD last week was rejected by the top of a channel at 1.2710. We also saw a divergence of the daily RSI and the market has eased back to the 55 and 100 day moving averages at 1.2427/60. We will need for these to be eroded for potential to the 1.2253 the 18th January low. Our bias is negative”.

“We suspect that prices will need to go sub 1.2250 in order to alleviate immediate upside pressure. Support at 1.2250 guards the 1.1988/80 recent low”.

“Above 1.2710 would allow for further strength to the 1.2776 December high. Between here and 1.2836 lies several Fibonacci retracements and major resistance and we suspect that it will struggle here”.

You may be interested

shares17 views

JPMorgan Chase Scores Another Bitcoin Technology Patent

Brian Evans - Jul 22, 2018

Banks have shown a keen interest in Bitcoin technology over the years. Various patents have been filed by these financial institutions to explore new potential business use…

shares19 views

Crypto Markets See Solid Upswing, Bitcoin Pushes $7,500

Brian Evans - Jul 22, 2018

Crypto markets seeing mostly green today, with total market cap up over 2% and Bitcoin pushing $7,500

Bitcoin Progress
shares26 views

Bitcoin Makes Major Headway: CFA Exam Will Now Include Crypto Topics

Brian Evans - Jul 22, 2018

Cryptocurrencies and blockchain technologies are making serious headway in the financial industry, the most recent sign being the decision by the CFA Institute, which offers the Chartered…

Most from this category

shares26 views
shares26 views
%d bloggers like this: