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GBP/USD: initial target at 1.5407 – Commerzbank
FXStreet (Edinburgh) – In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could be headed towards 1.5407 (200-d MA) following the recent rejection from 1.5674.
Key Quotes
“GBP/USD attempted another run up to the 1.5674 recent high that was again met with rejection, this was an outside day to the downside”.
“We have now seen 3 rejections in this vicinity, and our negative bias remains entrenched and we look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here”.
“Initial target is the 200 day ma at 1.5407 and 1.5332 the July low”.
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GBP/USD: initial target at 1.5407 – Commerzbank
Source: FXStreet
