Forex Flash: GBP/USD should fail at 1.6178 - Commerzbank

FXstreet.com (Barcelona) - Although Commerzbank analysts see the GBP/USD pushing higher, looking for the resistances of the 20-day MA (1.6129) and the near term line at 1.6178, they expect failure around there and to break below the 1.6026 to alleviate immediate upside pressure: “This would re-target the 1.5912/00 zone which is the 50% retracement of the move up from July and also the 23rd August high”, wrote analyst Karen Jones, expecting an eventual drop towards 1.5235 over the medium term. Over the shorter term, the GBP/USD should stall ahead of 1.6302 (April peak).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS