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GBP/USD subdued below 1.6486/1.6645 – Commerzbank

FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair would remain soft below the 1.6486/1.6645 area.

Key Quotes

GBP/USD last week filled most of the overnight gap (1.6287)”.

“We have a negative TD perfected set up on the 240 minute chart and look for further weakness”.

“Above here the accelerated downtrend at 1.6486 is expected to contain the topside”.

“Longer term we look for losses back to 1.6007/00 (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 1.6486/1.6645, GBP/USD will remain overall still under pressure”.

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