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GBP/USD slips back towards the 1.5605/1.5595 support zone – Commerzbank

FXStreet (Barcelona) - Alex Rudolph, Analyst at Commerzbank notes GBP/USD heading back towards the recent lows of 1.5605/1.5595 and keeps the negative bias intact.

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. This week it is heading back down towards the 1.5605/1.5595 recent lows. They are 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 1.5980 four month downtrend line. Key resistance remains at 1.6184, the October 21 high. While capped here, a negative bias remains intact.”

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