GBP/USD looking for a break of 1.6915 – Commerzbank

By FXstreet.com | July 31, 2014 AAA

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests that a break of 1.6915 could allow deeper retracements.



Key Quotes



GBP/USD has eroded its 2014 uptrend BUT did not close below there an we await a close below the uptrend at 1.6915 today to confirm the break”.



“Once this has been seen, this will introduce scope to 1.6694/30 then 1.6280/53 the 38.2% retracement of the move from 2013 to 2014 and the 2014 low”.



“Longer term we view the recent peak at1.7195 as a significant top and eventually look for losses back to 1.60”.



“Intraday rallies should terminate circa 1.7000 and remain capped by the 20 day ma at 1.7065”.



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