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GBP/USD back under pressure – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the heavy trading in the sterling.

Key Quotes

GBP/USD is viewed as being back under pressure – last week the market eroded its short term uptrend and we will assume that the correction higher we have seen since September has ended”.

“We look for losses to 1.6163/54 ahead of the 1.6053 recent low en route to 1.6015/00 (200 week ma and 50% retracement of the move up from 2013) then 1.5721 the 61.8% retracement of the move from 2013”.

“The daily chart has a downtrend at 1.6442 and while capped here it remains directly offered. Key resistance is 1.6644/46 – the September high and the 200 month ma”.

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

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