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2 Apr 2015
GBP/USD outlook negative below 1.5297 – Commerzbank
FXStreet (Edinburgh) - According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the outlook for the sterling remains bearish while trading below 1.5297.
Key Quotes
“GBP/USD continues to range trade within its March 18 extremes at 1.5148 and 1.4636”.
“The minor 1.4700 level is still being targeted, below which lurks the 1.4636 March low”.
“Eventually the 1.4291/29 area should be reached as well. It is where the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low”.
“Key resistance remains the 2014-2015 downtrend channel resistance line at 1.5297. While it caps, the down trend will remain intact”.
Key Quotes
“GBP/USD continues to range trade within its March 18 extremes at 1.5148 and 1.4636”.
“The minor 1.4700 level is still being targeted, below which lurks the 1.4636 March low”.
“Eventually the 1.4291/29 area should be reached as well. It is where the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low”.
“Key resistance remains the 2014-2015 downtrend channel resistance line at 1.5297. While it caps, the down trend will remain intact”.