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GBP/USD found support at 1.5595, around the May 2013 high – Commerzbank

FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank keeps the negative bias intact for the GBP/USD pair and sees it diving towards 1.5320 level after consolidating above the current level.

Key Quotes

“Last week GBP/USD dropped to 1.5595, to slightly below the May 2013 high at 1.5605, before bouncing back and stabilising around the 1.5650 level. “

“We expect it to now consolidate above the 1.5595 recent low. It 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 1.5993 four month downtrend line. Key resistance remains at 1.6185. While capped here, a negative bias remains intact.”

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