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31 Oct 2013
Flash: GBP/USD resilient around 1.6050. Where to now? – Commerzbank and Scotiabank
FXstreet.com (Edinburgh) -The sterling is holding on to daily gains on Thursday, with the GBP/USD decoupling from its European counterpart and exhibiting a surprising resilience around the mid 1.60s.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “Intraday charts are suggesting that we should see the market struggle now 1.6090/1.6140. Rallies are expected to find the 1.6259 early October high and the 1.6302/69 2012 highs and 2009-13 resistance line tough overhead resistance…. We look for losses to the recent low and initial Fibo support at 1.5896/1.5915”.
Chief Strategist Camilla Sutton at Scotiabank said that short-term technicals remain mixed “but like EUR is increasingly bearish. Support lies at the October 17th open of 1.5950, while resistance lies at Tuesday’s open of 1.6142”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “Intraday charts are suggesting that we should see the market struggle now 1.6090/1.6140. Rallies are expected to find the 1.6259 early October high and the 1.6302/69 2012 highs and 2009-13 resistance line tough overhead resistance…. We look for losses to the recent low and initial Fibo support at 1.5896/1.5915”.
Chief Strategist Camilla Sutton at Scotiabank said that short-term technicals remain mixed “but like EUR is increasingly bearish. Support lies at the October 17th open of 1.5950, while resistance lies at Tuesday’s open of 1.6142”.