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GBP/USD still points to 1.5200 – Commerzbank

FXStreet (Edinburgh) - The pair still targets the 1.5200 area as long as 1.5509 keeps capping the upside, noted Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

GBP/USD shot back up to its resistance line at 1.5458, following last week’s losses”.

“We look for the market to remain under its 1.5509 October high, though, and to retest the low from mid-October at 1.5200 provided that the October high at 1.5509 caps on a daily chart closing basis”.

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The GBP/USD pair is trading in the sideways manner below 100-DMA and around 50% of fib retracement of 1.5819-1.5107 located at 1.5463.
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Research Team at BBH, suggest that the US reports ISM for manufacturing and services, which if the Chicago PMI offers any hint, there is upside risk to the consensus estimate of 50 and 56.5, respectively.
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