Forex Flash: GBP/USD rebound to be contained at 1.6146 - Commerzbank
Forex pairs in this Article » GBP/USD
FXstreet.com (Barcelona) - Commerzbank analysts see the market correcting higher near term, but rallies should be contained at 1.6146 (20 day ma) and the near term resistance line at 1.6199. The GBPUSD has to close below the 38.2% retracement support at 1.5995 to extend the downside. "Beyond this rebound, the risk remains for a slide back to the 1.5912/00 zone (50% retracement of the move up from July and also the 23rd August high)", wrote analyst Karen Jones, pointing to 1.5900 and 1.5800/1.5780 (double Fibo and 200 day ma) and suspecting that the market has topped at 1.6300.