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GBP/USD – Market bouncing from 6 year Fibo at 1.5781 – Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank mentions that GBP/USD has sold off to and is bouncing from the 1.5781 38.2% retracement of the move from 2008.

Key Quotes

“The new low (1.5792) has not been confirmed by the daily or weekly RSI, which has diverged and we are concerned that we will see a retracement ahead of any further weakness”

“Rallies are expected to find good resistance offered by the 1.6047 4 month downtrend.”

“Key resistance remains at 1.6185 and while capped here a negative bias remains intact.”

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