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31 Mar 2014
GBP/USD continues rebound from 1.6470 Fib support - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD continues to see near term recovery from the 61.8% retracement of 1.6470 (of the move seen in February).
Key Quotes
“The market has rallied towards, but stalled ahead of the 1.6667 mid January high and at this point we are unable to rule out an extension to the 1.6822 February high.”
“Interim pullbacks should find some support at 1.6565 (55 day ma) but key near term support is 1.6470. Only failure to hold 1.6470 would see the market re-focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6% retracement of the move up from July 2013).”
Key Quotes
“The market has rallied towards, but stalled ahead of the 1.6667 mid January high and at this point we are unable to rule out an extension to the 1.6822 February high.”
“Interim pullbacks should find some support at 1.6565 (55 day ma) but key near term support is 1.6470. Only failure to hold 1.6470 would see the market re-focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6% retracement of the move up from July 2013).”