OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD now focuses on 1.6558 – Commerzbank

FXStreet (Edinburgh) - The current weakness around the sterling could drag the pair to the 1.6550 area, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

GBP/USD’s swift descent has so far taken it to a four month low at 1.6565 which was made below the 61.8% Fibonacci retracement at 1.6611 and the 1.6585 late February low with the 1.6558 April low now in focus”.

“Failure at the latter level will push the 1.6467/54 March low and 78.6% Fibonacci retracement to the fore”.

“Longer term we eventually look for losses back to 1.6000”.

“Minor resistance above the 200 day moving average at 1.6677 can be seen along the two month downtrend line at 1.6731. While capped by it, GBP/USD will remain directly offered”.

Gold falls to 2-month lows

The yellow metal remains on the defensive Thursday as the dollar continues to strengthen following hawkish minutes from the Federal Reserve.
Read more Previous

All the eyes on PMIs today – Danske Bank

Flemming Nielsen , Senior Analyst at Danske Bank, remarks the importance of today’s PMI releases in Euroland and the US economy....
Read more Next
Start livechat