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GBP/USD retested but then bounced off last week’s 1.5595 low – Commerzbank

FXStreet (Barcelona) - According to Axel Rudolph, Analyst at Commerzbank, GBP/USD revisited the previous week’s low of of 1.5595 before rallying and forming a reversal day.

Key Quotes

“On Wednesday GBP/USD revisited the previous week’s 1.5595 low, briefly dipped to 1.5592, before rallying and forming a reversal day. We therefore believe that an interim low has been formed at 1.5592.“

“The 1.5721/33 61.8% Fibonacci cluster is the first upside target, followed by the 1.5792 November 7 low. Potentially stronger rallies are expected to find good resistance offered by the 1.5807 one month resistance line and then by the 1.5953 four month downtrend line.”

“Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact. The 1.5595/92 recent lows are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013”

“Medium term (1-3 months): Probes the 1.5605/1.5595 support area while en route to 1.5320, then 1.5201, the 5 year uptrend (long term target).”

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