GBP/USD pullbacks could find support near 1.5475 – Commerzbank

By FXStreet FXStreet (Edinburgh) – In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, intraday pullbacks in spot should be contained around 1.5475.

Key Quotes

“GBP/USD has eroded the 55 day ma at 1.5520 and the 1.5567 61.8% retracement. The intraday Elliott wave count implies scope for further gains presently to 1.5678, the 78.6% retracement”.

“This guards the 1.58175 recent high. Intraday dips will find some support circa 1.5475”.

“Key nearby support is the 200 day ma and this weeks low at 1.5346/29. Below 1.5325 will target 1.5172 the June low. Failure here will trigger losses to 1.5088, the 61.8% retracement then 1.4895, the 78.6% retracement”.
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Source:: FX Street