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GBP/USD Double Fibonacci retracement eroded – Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that GBP/USD has eroded the 1.5781 38.2% retracement of the move from 2008.

Key Quotes

“GBP/USD has eroded the 1.5781 38.2% retracement of the move from 2008 and the 1.5721 support, this is the 61.8% retracement of the move from 2013. This is regarded as the break down point to 1.5320 the 78.6% retracement of the move from 2013.”

“Rallies are expected to find good resistance offered by the 1.6007 4 month downtrend. Key resistance remains at 1.6185 and while capped here a negative bias remains intact.”

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