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GBP/USD: door open for a small rebound? – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair could attempt a small rebound.

Key Quotes

GBP/USD last week met its initial downside target at 1.5171/63 – this consists of the June and current September lows, we have seen a minor breach of this level, but currently the indications are that the market will hold in this vicinity for a small rebound ahead of further declines”.

“The market does not appear to be ready quite yet to sustain a move below 1.5086, the 61.8% retracement. Failure here will target 1.4895, the 78.6% retracement”.

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