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GBP/USD is being capped by the 1.5721/33 Fibonacci cluster – Commerzbank

FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank believes that the GBP /USD pair formed a minor low at 1.5592 last week but the 1.5721/33 61.8% Fibonacci cluster needs to be overcome for this to be confirmed.

Key Quotes

“We still believe that GBP/USD formed a minor low at 1.5592 last week but the 1.5721/33 61.8% Fibonacci cluster needs to be overcome for this to be confirmed. Above it lies the 1.5792 November 7 low.”

“Potentially stronger rallies are expected to find good resistance offered by the 1.5763 one month resistance line and then by the 1.5926 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.”

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