Apr 19, 2013
Forex Flash: GBP/USD loss of 1.5166 will confirm resumption of down move – Commerzbank
FXstreet.com (Barcelona) - Despite the inside day charted yesterday, Commerzbank analysts keep their outlook unchanged. “We continue to view 1.5412/20, the recent high and the 38.2% retracement as an interim high”, wrote analyst Karen Jones. “Loss of the 1.5166 uptrend will add weight to the idea that the market has resumed its down move. Below here will trigger losses to the 1.5028 (the 20th March low)”, she continued, expecting the 61.8% retracement at 1.5052 to hold the initial test. “A break below here is needed to trigger another leg lower to the 1.4832 March low. Longer term we target 1.4229, the 2010 low”, she concluded.