FXStreet (Edinburgh) – Axel Rudolph, Senior Technical Analyst at Commerzbank, still believes the pair could re-visit the 1.5200 level.
Key Quotes
“Yesterday GBP/USD nearly touched the 200 day moving average at 1.5343 before heading higher again towards the 1.5509 October high”.
“While it continues to cap on a daily chart closing basis, the mid-October at 1.5200 should remain in the picture”.
“Failure at 1.5200 is required to retarget the 1.5172/55 June and September lows en route 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”.
(Market News Provided by FXstreet)