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GBP/USD upside limited at 1.6355/58 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the ongoing upside in the sterling would be only corrective.

Key Quotes

GBP/USD’s intraday Elliot count is suggesting that rallies will struggle 1.6355/58 and this near term strength is corrective only”.

“Above here the accelerated downtrend at 1.6438 is expected to contain the topside for a negative bias to remain entrenched”.

“Longer term we look for losses back to 1.6007/00 (200 week ma and 50% retracement of the move up from 2013) then 1.5721 the 61.8% retracement of the move from 2013”.

“Key resistance is the 1.6645 September high, while capped here GBP/USD will remain overall still under pressure”.

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