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GBP/USD potential consolidation ahead – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair attempting a consolidative pattern prior to resume its downside.

Key Quotes

GBP/USD the recent low has not been confirmed by the daily RSI and we may see some consolidation ahead of further losses”.

“Beyond this we target 1.6694/55 (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 1.6870/88 and are indicated to terminate circa 1.6840/90 and remain capped by the 20 day ma at 1.6938”.

“We remain longer term bearish and continue to view the 1.7190 peak as an interim top for the market”.

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