OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD exposes the mid-1.6000s – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent price action in the pair leaves the mid-1.60s area exposed.

Key Quotes

GBP/USD has eroded support at 1.6163/54 (78.6% retracement and 16th September low)”.

“This leaves the 1.6053 recent low exposed and failure here will target 1.6012/00 (200 week ma and 50% retracement of the move up from 2013)”.

“We would allow for this to hold the initial test ahead of losses to 1.5721 the 61.8% retracement of the move from 2013”.

“The daily chart has a downtrend at 1.6386 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 1.6686 is expected to cap the topside”.

Norway Registered Unemployment s.a increased to 86711K in September from previous 87.53K

Read more Previous

SEB: EUR/USD 1 st net up day in eight days - eFXnews

The eFXnews team remark that SEB suggests EUR/USD corrective movement is gaining credibility.
Read more Next
Start livechat