GBP/USD potential for a retest of 1.7000 – Commerzbank

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - In the view of Senior Technical Analyst Axel Rudolph at Commerzbank, the sterling could revisit the area around 1.7000 the figure.



Key Quotes



GBP/USD remains sidelined below the current July high at 1.7180”.



“The TD resistance on the 240 minute chart lies at 1.7200 and while below here we cannot rule out a retracement to 1.7000 for now”.



“Provided that we remain underpinned by support at 1.6952/1.6851, an immediate upside bias is preserved”.



“Above 1.7205 will trigger a move to the 50% retracement at 1.7331 (of the move down from the 2007 peak)”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    April Forex Seasonality Foresees Weakest Month of Year for USD

  2. Forex News

    GBP/USD regains 1.4800 and erases losses

  3. Forex News

    GBP/USD bearish tone prevails – FXStreet

  4. Forex News

    GBP/USD jumped to 1.4800; but it found resistance

  5. Forex News

    Political worries undermine good macro data, GBP soft – Growth Aces

Trading Center