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17 May 2013
GBP – under pressure - Commerzbank
FXstreet.com (London) - The research team at Commerzbank note the recent break lower and say this is directional. "The market is now under pressure to sell off to 1.5035/28 4th April low and the 20th March low." – Analyst,
Karen Jones, Commerzbank
She goes on to say that the support at 1.4994 is regarded as the last defence for 1.4832, the March low. They mention that short-term rallies are expected to remain capped 1.5335/85 and key resistance is regarded as its 1.5601/50% retracement of the move seen this year, while capped here the market is viewed as having topped.
Karen Jones, Commerzbank
She goes on to say that the support at 1.4994 is regarded as the last defence for 1.4832, the March low. They mention that short-term rallies are expected to remain capped 1.5335/85 and key resistance is regarded as its 1.5601/50% retracement of the move seen this year, while capped here the market is viewed as having topped.