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31 Mar 2015
GBP/USD could target 1.4291 in the longer-term – Commerzbank
FXStreet (Edinburgh) - Senior Technical Analyst at Commerzbank Axel Rudolph, sees the pair challenging the 1.4290/30 area in the longer run.
Key Quotes
“GBP/USD continues to range trade within its March 18 extremes at 1.5148 and 1.4636”.
“Support below yesterday’s low at 1.4755 lurks around the 1.4636 current March low”.
“Eventually the 1.4291/29 area will be targeted. 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 1.5318. 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”.
“Support below yesterday’s low at 1.4755 lurks around the 1.4636 current March low”.
“Eventually the 1.4291/29 area will be targeted. 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 1.5318. While it caps, the down trend will remain intact”.