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Forex pairs in this Article » GBP/USD (Athens) – Axel Rudolph, Head Technical Analyst at Commerzbank suggests that the GBP/USD unexpectedly bounced back on Wednesday.

Key Quotes

“Despite this advance we will remain bearish as long as GBP/USD stays below the 1.6123 October 8 high. A drop through the past week’s support level at 1.5916 will confirm our bearish outlook.”

“Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement.”
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