Flash: The GBP/USD reached 61.8% retracement - Commerzbank

FXstreet.com (London) - Research teams at Commerzbank noted the move and have said GBP/USD’s corrective rebound has reached 1.5373 (61.8% retracement) and they must allow for an extension to 1.5476 (78.6% retracement) ahead of failure. Near term strength is viewed as corrective only and they will maintain an overall negative bias while capped by the 1.5601 May high.

The team states that the interim support lies at 1.5200/1.5190 ahead of key support, which remains the 1.5035/1.4997 target zone, made up of the April and the 20th of March lows as well as the 78.6% Fibonacci retracement of the March-
to-May rise, placing support at 1.4997 and regarding this as the last defence for 1.4832, the March low.