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.



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