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GBP/USD’s upmove fails at 1.6184 - Commerzbank

FXStreet (Łódź) - Karen Jones, analyst at Commerzbank, notes that after failing at the 23.6%retracement at 1.6184, GBP/USD turned south again.

Key quotes

"GBP/USD’s upmove has failed at the 23.6%retracement at 1.6184 and just ahead of the downtrend at 1.6195 today, we assume that the downmove has resumed."

"We continue to target the 1.5855 November 2013 low."

"Beyond this we look for losses to 1.5721 the 61.8% retracement of the move from 2013."

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