GBP/USD: Small pullback very near term – Commerzbank

Karen Jones, analyst at Commerzbank, suggests that GBP/USD yesterday had a 13 count on the 240 minute chart and very near term is correcting lower.

Key Quotes

“We would allow for a retracement towards 1.3090/00 (intraday Elliott wave count) and the near term uptrend at 1.2950. While underpinned by the near term uptrend, it stays bid and we look for gains to the 55 week ma at 1.3297.”

“Here we also find the July, September and October highs at 1.3258/1.3363. While we would allow for this to hold the initial test, there is scope for the June high at 1.3473 and the 200 week ma at 1.3650 slightly longer term.”