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14 Jun 2013
Flash: GBP/USD facing southerly winds - Commerzbank
FXstreet.com (London) - While the pound has shed half a big figure in the European session, Analyst, Axel Rudolph at Commerzbank had said that GBP/USD.
200d ma capping GBP/USD
The 200d ma resistance area was expected to cap the pair on a daily chart-closing basis. They had suspected that we were trading towards the end of the corrective move higher. Now, he say’s a break below the 1.5490 June 7 low is needed to alleviate immediate upside pressure and would signal a slide back to the 55 day moving average at 1.5344 en route to the base of the channel at 1.5044. He adds that above Thursday’s 1.5736 high lies the 1.5797 200 week moving average and 1.6040, the 78.6% Fibonacci retracement of the down move seen this year.
200d ma capping GBP/USD
The 200d ma resistance area was expected to cap the pair on a daily chart-closing basis. They had suspected that we were trading towards the end of the corrective move higher. Now, he say’s a break below the 1.5490 June 7 low is needed to alleviate immediate upside pressure and would signal a slide back to the 55 day moving average at 1.5344 en route to the base of the channel at 1.5044. He adds that above Thursday’s 1.5736 high lies the 1.5797 200 week moving average and 1.6040, the 78.6% Fibonacci retracement of the down move seen this year.