FXStreet (Edinburgh) – Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the important support zone around 1.5000/1.4971.
Key Quotes
“GBP/USD no change, again sold off on Friday and reached the 1.5027 November low. This level, the psychological support at 1.5000 and the 1.4971 short term support line represent the next key band of support, 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”.
(Market News Provided by FXstreet)