15 Jul 2014
GBP/USD potential downside to 1.7000 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the sterling could visit the 1.7000 level.
Key Quotes
“GBP/USD is coming off the current July high at 1.7180 and is about to revisit the mid-June high at 1.7062 and possibly also the psychological 1.7000 mark”.
“Provided that we remain underpinned by support at 1.6952/1.6851, an immediate upside bias is preserved”.
“Above 1.7205 will trigger a move to the 50% retracement at 1.7331 (of the move down from the 2007 peak). Initial support lies at 1.7061, the 20th June high”.
Key Quotes
“GBP/USD is coming off the current July high at 1.7180 and is about to revisit the mid-June high at 1.7062 and possibly also the psychological 1.7000 mark”.
“Provided that we remain underpinned by support at 1.6952/1.6851, an immediate upside bias is preserved”.
“Above 1.7205 will trigger a move to the 50% retracement at 1.7331 (of the move down from the 2007 peak). Initial support lies at 1.7061, the 20th June high”.