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)”.



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