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GBP/USD under pressure – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains depressed and could head towards1.6694/50.

Key Quotes

GBP/USD came under increasing downside pressure last week and we look for losses to 1.6694/50 (200 day ma) initially then 1.6523 en route to 1.6280/53 the 38.2% retracement of the move from 2013 to 2014 and the 2014 low”.

“Longer term we eventually look for losses back to 1.60”.

“Rallies will find minor resistance at 1.6886/88 and are indicated to terminate circa 1.6905/50 and remain capped by the 20 day ma at 1.6959”.

“We remain longer term bearish”.

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