GBP/USD: Recovery on the cards? - Commerzbank

According to Karen Jones, analyst at Commerzbank, GBP/USD pair has continued to show 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 1.3000 to alleviate downside pressure. Our attention has reverted to the 1.3217 recent high. The intraday Elliott wave counts are more positive.”

“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.”