Saturday, May 1, 2010

Birthday Suit Editorials

GBP/USD Bounce to 1.5310/55 area has eased bearish pressure - Commerzbank
The Pound went through a strong recovery on Thursday bouncing from 1.5140 to levels between 1.5315/65, which according to Karen Jones, technical analyst at Commerzbank has erased bearish pressure on the pair.

Erosion on 1.5310/55 area opens the doors for further upmove with targets at 1.5500/25 area, says Jones; "The erosion of near term resistance at 1.5310/55 implies another run up to 1.5500/25 where we would again allow for failure. Key resistance remains 1.5690/1.5710."

On the longer-term however, Jones remains bearish on the Pound, looking for a decline to 1.5075: "Our propensity remains to sell the rallies looking for a slide to initially to 1.5075 en route to 1.4888, the 15 month uptrend."

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