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GBP/USD well supported around 1.5086/1.5000 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Senior Technical Analyst at Commerzbank Axel Rudolph sees pullbacks in the pair could face strong support in the 1.5086/1.5000 area.

    Key Quotes

    GBP/USD has sold off sharply through the 1.5244 end of October low and this suggests further weakness to the 1.5200/1.5163 supports”.

    “This is the low we saw on the 4th September and the low from the 13th October. This is likely to hold the initial test ahead of losses to the 1.5108 1st October low”.

    “The more important 1.5086/1.5000 support, which is the 61.8% retracement and psychological support, is likely to provide strong support”.
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