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GBP/USD negative below 1.6428 - Commerzbank

FXStreet (London) - Karen Jones, Head of Technical Analysis at Commerzbank sees no change, and her outlook is bearish for GBP/USD.

Key Quotes

“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 1.6428 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.”

Turkey Trade Balance fell from previous -6.46B to -8.04B in August

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