FXStreet (Guatemala) – Karen Jones, chief analyst at Commerzbank explained that GBP/USD last week met its initial downside target at 1.5171/63 – this consists of the June and current September lows.
Key Quotes:
“Currently the near term risk is that this will hold the initial test – the market does not appear to be ready quite yet to sustain a move below 1.5086, the 61.8% retracement. Failure here will target 1.4895, the 78.6% retracement.
Immediate resistance can be seen between the July low and the 200 day moving average at 1.5330/35. Further resistance comes in around the 1.5424 early August low.”
(Market News Provided by FXstreet)