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 crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center