In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable remains under pressure and risks further retracements. Key Quotes “GBP/USD has backed away from the 20 day ma at 1.3140, and is under pressure. Intraday Elliott wave counts remain negative and near term risks remain on the downside. We are unable to rule out a recovery to the 1.3234/60 55 day ma and channel resistance, but consider this unlikely. Directly below the market lies Fibonacci support at 1.2918 (50% retracement of the move up from 2016) and we would allow for some profit taking here”. “Below 1.2918 would be treated as the break down point to 1.2580, the 61.8% retracement from 2016″. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD holds weaker below 1.30 handle, 2-week lows post-UK PMI FX Street 5 years In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable remains under pressure and risks further retracements. Key Quotes "GBP/USD has backed away from the 20 day ma at 1.3140, and is under pressure. Intraday Elliott wave counts remain negative and near term risks remain on the downside. We are unable to rule out a recovery to the 1.3234/60 55 day ma and channel resistance, but consider this unlikely. Directly below the market lies Fibonacci support at 1.2918 (50% retracement of the move up from 2016) and we would allow for some profit taking here". "Below 1.2918… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
