Karen Jones, analyst at Commerzbank, suggests that GBP/USD try is approaching its three month down channel at one.2303, and appearance for this to carry the initial check.
Key Quotes
“Only a detailed on top of the downtrend this may introduce scope to the fifty five day ma at one.2416 and also the Gregorian calendar month high at one.2784. Dips lower can notice minor support at one.2108 previous the one.2015 recent low and TD support at one.1988. Below 1.1988 lies the one.1491 third Oct low (according to CQG).”
“Only an increase on top of the Gregorian calendar month high at one.2784 would indicate that a bottom is being shaped (not favoured).”
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