- Analytics
- News and Tools
- Market News
- GBP/USD: A bounce higher – Commerzbank
GBP/USD: A bounce higher – Commerzbank
FXStreet reports that GBP/USD last week failed at the 55 day moving average at 1.3055 and reacted lower but on Friday the cable can overcome the short-term downtrend, as Commerzbank's Karen Jones notes.
"The cable remains capable of overcoming the short term downtrend at 1.3066. The intraday Elliott wave is implying that this is the end of the down move, the RSI has not confirmed the new low and we have not closed below the 1.2872 low."
"For now, we suspect a bounce higher and beyond that we are neutral. Only above the downtrend would negate downside pressure for recovery to initially 1.3285 and the 2015-2020 resistance line at 1.3402."
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
