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Commerzbank: comments on GBP/USD

British pound consolidated versus the greenback at the levels around $1.6000. 

Technical analysts at Commerzbank believe that as long as GBP/USD stays below the 200-day MA at $1.6140, the outlook for the pair will be negative.

 

The bearish pressure would ease only if British currency overcomes 61.8% Fibonacci retracement at $1.6185. In such case pound will be poised up to 78.6% retracement of the decline from May at $1.6430.

 

The specialists, however, think that sterling is more likely to break support at $1.5875 (55-day MA).

TAGS: Commerzbank  comments  on  GBP  USD 
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