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GBP/USD now looks to 1.6365 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the sterling could slip towards the 1.6360 area.

Key Quotes

GBP/USD’s complete rejection from 1.6645 and break below the August low has seen the market sell off sharply”.

“The market is directly offered and the support at 1.6467/54 (March low and 78.6% Fibonacci retracement) is being eroded leaving the market under pressure to slide towards 1.6365, the 61.8% retracement of the move up from November 2013 then 1.6253 the 2014 low”.

“Longer term we look for losses back to 1.6006 (200 week ma)”.

“Above 1.6645 a recovery towards the 200 day moving average at 1.6696 would be on the cards”.

“While capped by it, GBP/USD will remain overall still under pressure, though”.

Spain Markit Services PMI above expectations (55.1) in August: Actual (58.1)

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