GBP/USD: Signs of near term recovery - Commerzbank

In view of Karen Jones, analyst at Commerzbank, GBP/USD pair is continuously showing signs of near term recovery following its recent reversal ahead of the 61.8% retracement at 1.2740.

Key Quotes

“It has overcome the 200 day ma at 1.3002 to alleviate downside pressure. Our attention has reverted to the 1.3217 recent high. The intraday Elliott wave counts are conflicting.”

“Below the 1.2739/61.8% retracement we would allow for losses to the 1.2669/62 15th January low and August low and possibly the 1.2609/78.6% retracement.”