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9 Feb 2015
GBP/USD: Continues out of the stalls on the offer this week
FXStreet (Guatemala) - GBP/USD us currently trading at 1.5230 with a high of 1.5268 and a low of 1.5199.
GBP/USD has come out of the stalls this week and offered but supported on the 1.52 handle, capped through 1.5260 confirming the break of the 7-month downtrend and that the upside correction seems to be over, taking into account the count of the Elliot waves, according to Karen Jones, chief analyst at Commerzbank.
"The market will stay bid above 1.5165/42 (minor Fibo and 20 day ma), but we will exit long positions for now and head to the sidelines to wait for the next signal...Below 1.5140 would alleviate immediate upside pressure and suggest a retest of the support circa 1.4990."
GBP/USD has come out of the stalls this week and offered but supported on the 1.52 handle, capped through 1.5260 confirming the break of the 7-month downtrend and that the upside correction seems to be over, taking into account the count of the Elliot waves, according to Karen Jones, chief analyst at Commerzbank.
"The market will stay bid above 1.5165/42 (minor Fibo and 20 day ma), but we will exit long positions for now and head to the sidelines to wait for the next signal...Below 1.5140 would alleviate immediate upside pressure and suggest a retest of the support circa 1.4990."