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GBP/USD rallies to fade near 1.6900/50 – Commerzbank

FXStreet (Edinburgh) - Upside attempts in the pair would likely lose impetus in the 1.6905/55 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

GBP/USD again held over last weeks low at 1.68145 and beyond a small bounce, this is expected to be eroded for losses to 1.6694/80 initially then 1.6523 en route to 1.6280/53 the 38.2% retracement of the move from 2013 to 2014 and the 2014 low”.

“Longer term we eventually look for losses back to 1.60”.

“Rallies will find minor resistance at 1.6888 and are indicated to terminate circa 1.6905/55 and remain capped by the 20 day ma at 1.6990”.

“The market broke down from its 2014 uptrend last week and this should now offer additional resistance at 1.6942”.

“We remain longer term bearish and continue to view the 1.7190 peak as an interim top for the market”.

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