10 Feb 2015
GBP/USD: faltering at 55 DMA - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the technical conditions surrounding GBP/USD.
Key Quotes:
"GBP/USD’s break of 7 month downtrend was not sustained and the market appears to be faltering at the 55 day ma at 1.5391."
"We note the Elliott wave count on the daily is suggesting that this is already the end of the correction higher."
"Loss of the 20 day ma at 1.5144 should trigger a slide back to the 1.4953 recent low and the 1.4813 2013 low."
Key Quotes:
"GBP/USD’s break of 7 month downtrend was not sustained and the market appears to be faltering at the 55 day ma at 1.5391."
"We note the Elliott wave count on the daily is suggesting that this is already the end of the correction higher."
"Loss of the 20 day ma at 1.5144 should trigger a slide back to the 1.4953 recent low and the 1.4813 2013 low."