Forex: GBP/USD: Fall to 1.6294/50 zone should feature short-term - Commerzbank

Tue, Nov 24 2009, 08:10 GMT
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FXstreet.com (Barcelona) - Pound's decline from 1.6880 high on November 16, found support at 1.6460 low on Monday but following recovery attempt was capped at 1.6650 area, and the Pound returned to trend lower, targeting levels below 1.6300, according to Alex Rudolph, technical analyst at Commerzbank.

On the short term, Rudolph observes the Pound falling towards 1.6294/50: "We are nonetheless of the opinion that a fall towards 1.6294/50 zone (50% retracement of recent leg higher and the mid October low) and the
1.6155 should feature short term.

Support levels, according to Rudolph, lie at 1.6523, 1.6465 and 1.6361. On the upside, resistance levels lie at 1.6696, 1.6745 and 1.6865.

GBP/USD

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