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GBP/USD short term negative bias below 1.6250 will be maintained - Commerzbank

FXStreet (Łódź) - Karen Jones, analyst at Commerzbank sees GBP/USD negative below resistance at 1.6250.

Key quotes

"GBP/USD has recently seen a marginal new low of 1.5871 not sustained – this has been coupled with a triple divergence of the RSI and we have seen a small bounce."

"The upmove has reached the initial Elliot wave corrective target at 1.6110 and between here and the downtrend at 1,6250 will look for the correction higher to fail."

"Initial resistance is the 20 day ma at 1.6156 and key short term resistance is the 3 month downtrend located at 1.6250 and while capped here it a short term negative bias will be maintained."

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