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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”.

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