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GBP/USD risks further downside – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could see some consolidation in the near term followed by another leg lower.

    Key Quotes

    GBP/USD no change, the market charted an inside day again yesterday, which suggests that we may see some consolidation near term as it absorbs its recent sell off”.

    “Risks remain on the downside and focus has shifted to the 1.5027 November low and the 1.4974 short term support line, we look for these to hold for now”.

    “Failure here will target initially the 1.4860/78.6% retracement of the move up from April. This is regarded as the last defence for the 1.4577 April low”.
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