GBP/USD: Risk has shifted to the downside – Commerzbank

Karen Jones,  Team Head FICC Technical Analysis Research at Commerzbank, cannot assure if the cable is marking a top or not. Failure at the 55 day ma has moved to the downside.

Key quotes

“Having failed at the 55 day moving average at 1.3055 and the short term downtrend at 1.3075, the risk has shifted to the downside.”

“The intraday Elliott wave is implying that this is the end of the move, the RSI has not confirmed the new low and we have not closed below the 1.2872 low.” 

“For today we suspect a bounce higher, beyond that we are neutral.”