GBP/USD could slip towards 1.6467/54 – Commerzbank

By FXstreet.com | August 22, 2014 AAA

FXStreet (Edinburgh) - Weakness around the sterling could take the pair to March lows around 1.6460, commented 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 but slightly above the 1.6558 April low”.



“It should now stabilise for a few days. 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 1.6680 can be seen along the two month downtrend line at 1.6714”.



“While capped by it, GBP/USD will remain directly offered”.



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY desperate to move away from 107.00
    Forex News

    USD/JPY desperate to move away from 107.00

  2. US Dollar Technical Analysis: Readying to Resume Uptrend?
    Forex News

    US Dollar Technical Analysis: Readying to Resume Uptrend?

  3. GBP/USD goes nowhere ahead of retail sales report
    Forex News

    GBP/USD goes nowhere ahead of retail sales report

  4. EUR/JPY Technical Analysis: Former Resistance Now Support
    Forex News

    EUR/JPY Technical Analysis: Former Resistance Now Support

  5. GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen
    Forex News

    GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen

Trading Center