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6 Aug 2015
GBP/USD needs to clear 1.5691 to test 1.58+ - Commerzbank
FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, argued the pair needs to close above 1.5691 to allow a test of 1.5815 and beyond.
Key Quotes
“GBP/USD has been held in check by the 1.5691 July high but at the same time stayed above the 1.5467 July 24 low. Further range trading thus remains on the cards”.
“Only a daily close above 1.5691 would allow the 1.5815 May high to be engaged and possibly the 1.5930 June high to be reached. Similarly only a fall through the recent 1.5467 low would put the 200 day moving average at 1.5386 as well as the July trough at 1.5330 back on the map”.
Key Quotes
“GBP/USD has been held in check by the 1.5691 July high but at the same time stayed above the 1.5467 July 24 low. Further range trading thus remains on the cards”.
“Only a daily close above 1.5691 would allow the 1.5815 May high to be engaged and possibly the 1.5930 June high to be reached. Similarly only a fall through the recent 1.5467 low would put the 200 day moving average at 1.5386 as well as the July trough at 1.5330 back on the map”.