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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”.

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