A breakdown of 1.3290 could open the door for a test of 1.3040 in Cable, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank. Key Quotes “GBP/USD is sitting on support at 1.3302/20, the mid-December low. Given the 13 count and the oversold RSI it is possible that this will hold the initial test. However rallies will be viewed as corrective opportunities to reinstate short positions. Below 1.3290 will trigger losses to the 1.3040 October low”. “Currently intraday Elliott wave counts are pointing to a 1.3470/1.3570 move. The March low lies at 1.3712. Rallies are expected to remain capped by the 1.3840 55 day moving average and while below here the market will remain directly offered”. 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 SEK appears doubtful near term – Danske Bank FX Street 5 years A breakdown of 1.3290 could open the door for a test of 1.3040 in Cable, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank. Key Quotes "GBP/USD is sitting on support at 1.3302/20, the mid-December low. Given the 13 count and the oversold RSI it is possible that this will hold the initial test. However rallies will be viewed as corrective opportunities to reinstate short positions. Below 1.3290 will trigger losses to the 1.3040 October low". "Currently intraday Elliott wave counts are pointing to a 1.3470/1.3570 move. The March low lies at 1.3712. Rallies are expected to remain capped… 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.
