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GBP/USD could resume the downside – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair could resume its decline in the near term.

Key Quotes

GBP/USD strength last week is viewed as a correction only and we look for failure and resumption of downside pressure”.

“The charts are indicating that we will see failure circa 1.6565 and ahead of 1.6644/46 – the September high and the 200 month ma”.

“This together with the 200 day ma at 1.6689 to expected to cap the topside”.

“Support is found at 1.6290 and 1.6160 ahead of the 1.6053 recent low”.

“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”.

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