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GBP/USD correction should struggle at the 1.5886 4 month downtrend – Commerzbank

FXStreet (Barcelona) - According to Karen Jones, Head of Technical Analysis at Commerzbank, the GBP/USD rallies are expected to find good resistance offered by the 1.5855 November 2013 low and then by the 1.5886 four month downtrend line.

Key Quotes

“GBP/USD has recovered to the 1.5792 November 7 low. Potentially stronger rallies are expected to find good resistance offered by the 1.5855 November 2013 low and then by the 1.5886 four month downtrend line. Key resistance remains at 1.6184, the October 21 high.”

“While capped here, an overall negative bias remains intact. Please note that the intraday Elliott wave counts have turned more positive and caution is warranted.”

“To alleviate immediate upside pressure a slide back below the 1.5737 minor level will be needed.”

“The 1.5595/92 recent lows are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”

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