According to Karen Jones, analyst at Commerzbank, for the GBP/USD pair, they have conflicting intraday Elliott wave count, but for now would allow for slippage to the 1.2775 55 day ma, as it is easing back from the 1.3000 level and looks set to consolidate near term.
Key Quotes
“The market recently reversed from a 5 month support line. We regard the recent move to 1.2444, charted in January, as the end of the down move and we look for gains to the 200 day ma at 1.3088. Dips will find initial support at the 55 day ma at 1.2775 and 1.2669/62, the August low. Only below 1.2444/25 targets the 78.6% retracement at 1.2109.”
“Only a rise above the July, September and October highs at 1.3258/1.3363 would put the June high at 1.3473 on the cards.”
Share
