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GBP/USD points to consolidation near-term – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair will remain in a consolidative pattern in the short-term.

Key Quotes

GBP/USD is at last seeing some signs of life and near term is expected to consolidate circa at 1.5171/63 – this consists of the June and 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 1.5086/1.5000, the 61.8% retracement. Failure here will target 1.4895, the 78.6% retracement”.

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