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GBP/USD offered below 1.6693 – Commerzbank

FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, sees the offered tone to prevail in the pair while trading sub-1.6693.

Key Quotes

GBP/USD’s swift descent has so far taken it to its August low at 1.6537 from where it has risen back to the 61.8% Fibonacci retracement at 1.6611 which has so far capped it”.

“Together with the 23.6% Fibonacci retracement and the two month downtrend line at 1.6612 it should continue to do so today”.

“Should this not be the case, the 200 day moving average at 1.6693 will be back in play. While capped by it, GBP/USD will remain overall offered”.

“Below the August low at 1.6537 lie the 1.6467/54 March low and 78.6% Fibonacci retracement. Longer term we look for losses back to 1.6000”.

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