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GBP/USD heading towards 1.6287? – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could well be headed towards closing the recent gap.

Key Quotes

GBP/USD is at last starting to see a correction higher – we recently noted the 13 count on the daily chart and the oversold daily RSI”.

“It has now charted a key day reversal and we would allow for an intraday rally to approximately 1.6287 to fill the overnight gap and possibly 1.6340/75”.

“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 the61.8% retracement of the move from 2013”.

“While capped 1.6518/1.6645, GBP/USD will remain overall still under pressure”.

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