Following recent price action, Cable could now be looking to a potential test of the 1.3040 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank. Key Quotes “GBP/USD‘s near term rally was short lived and remains on the defensive following last week’s rejection of 1.3362, the 23.6% retracement of the move down from the April peak. The Elliott wave count is indicating that this was the end of the corrective move higher and our attention remains on the 1.3040 October 2017 low. Below 1.3040 would target the 50% retracement at 1.2918. Below 1.2918 would be treated as the break down point to 1.2580, the 61.8% retracement from 2016″. “Above 1.3363, the 9 th July high would imply a deeper corrective phase to the 1.3470/1.3500 area and there is scope for the 1.3588 200 day ma (although this is less favoured)”. 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 Powell pressures EUR/USD and more could come Yohay Elam 5 years Following recent price action, Cable could now be looking to a potential test of the 1.3040 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank. Key Quotes "GBP/USD's near term rally was short lived and remains on the defensive following last week's rejection of 1.3362, the 23.6% retracement of the move down from the April peak. The Elliott wave count is indicating that this was the end of the corrective move higher and our attention remains on the 1.3040 October 2017 low. Below 1.3040 would target the 50% retracement at 1.2918. Below 1.2918 would be treated as the… 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.
