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27 Feb 2013
Forex Flash: GBP/USD to eventually ease towards 1.4853 - Commerzbank
Commerzbank analysts continue to expect a consolidative attempt following the huge sell off since the beginning of the year: “We note the TD perfection set up and the 13 count on the daily chart and the Elliot wave count is pointing to a 1.5265 and possibly 1.5380 correction ahead of further weakness”, wrote analyst Karen Jones. “We therefore suspect that we will see the market consolidate some of these losses ahead of further weakness”, she added.
The sell off that breached below the 1.5271/35 target (2012 low and the 50% retracement of the move since 2009) shows extremely negative price action “and beyond a rebound we look for losses to 1.5000/15 and then 1.4853, the 61.8% retracement of the 2009 move”, Jones concluded.
The sell off that breached below the 1.5271/35 target (2012 low and the 50% retracement of the move since 2009) shows extremely negative price action “and beyond a rebound we look for losses to 1.5000/15 and then 1.4853, the 61.8% retracement of the 2009 move”, Jones concluded.