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GBP/USD: technicals points to 1.5172 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could be headed towards the 1.5172 level.

Key Quotes

GBP/USD sold off sharply yesterday following its recent failure just ahead of 1.5678, the 78.6% retracement”.

“The sell off has reached initial target of the 200 day ma and last weeks low at 1.5343/29”.

“We note the 13 count on the 60 minute chart and would allow for a rebound into the 1.5390/1.5425 band ahead of further losses”.

“Currently the intraday Elliott wave counts are implying losses to 1.5172 the June low. Failure here will trigger a move to 1.5088, the 61.8% retracement then 1.4895, the 78.6% retracement”.

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