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

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank sees GBP/USD attempting to stabilise just ahead of 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 1.6034 4 month downtrend. Key resistance remains at 1.6185 and while capped here a negative bias remains intact.”

“Directly below lies a double Fibonacci retracement - namely the 1.5721 61.8% retracement of the move from 2013 and the 1.5780 38.2% retracement of the entire move from 2008. Below 1.5720 lies 1.5320 the 78.6% retracement of the move from 2013.”

Germany Wholesale Price Index (MoM) came in at -0.6%, below expectations (-0.4%) in October

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