OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD could allow a rebound – Commerzbank

FXStreet (Edinburgh) - The sterling is trading in fresh ytd lows below 1.6200, although there is the likelihood of a bounce off current levels, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

GBP/USD last week sold off to the 1.6288 38.2% retracement of the move from 2013, and has gapped lower this morning registering a new low for 2014”.

“It is looking over-stretched and we would allow for a small rebound. We would allow for an intraday rally to approximately 1.6287 to fill the overnight gap and possibly 1.6340/1.6440”.

“Longer term we look for losses back to 1.6005/00 (200 week ma and 50% retracement of the move up from 2013) then 1.5721 the 61.8% retracement of the move from 2013”.

“While capped 1.6566/1.6645, GBP/USD will remain overall still under pressure”.

Gold little changed after Friday's recovery

Gold prices advanced slightly Monday following disappointing US jobs data Friday, but momentum wasn’t strong enough to extend gains beyond $1,270 an ounce.
Read more Previous

European Monetary Union Sentix Investor Confidence below expectations (2) in September: Actual (-9.8)

Read more Next
Start livechat