GBP/USD potential downside ahead? – Commerzbank

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Analysis at Commerzbank, the pair could face corrective weakness to the area of 1.6900.



Key Quotes



GBP/USD continues to struggle to maintain a break above the 1.7000 level and the risk for a correction lower is growing”.



“Dips lower are indicated to terminate ahead of 1.6905/1.6875 for an attempt on the 1.7041/51 2009 high, 2005 low, where we suspect that the market will again fail”.



“Below 1.6840 would alleviate immediate upside pressure and trigger a sell off to the 7 month support line at 1.6772.



You May Also Like

Related Forex Analysis
  1. Forex News

    GBP/USD heavy and awaits FOMC - Scotiabank

  2. Forex News

    GBP/USD drops below 1.5700 ahead of FOMC statement

  3. Forex News

    Forex Top movers: USD advances on stocks and Cuba-US news; USDRUB drops

  4. Forex News

    GBP/USD contained ahead of 1.58 and trade heavy

  5. Forex News

    GBP/USD jumps to the upper side of the range at 1.5730

Trading Center