Flash: GBP/USD limited support - Commerzbank

FXstreet.com (London) - Karen Jones, Chief Analyst at Commerzbank said GBP/USD sold off to and has again held (on a closing basis) support at 1.4854/32, the 61.8% retracement of the 2009 move higher and the March low.

“We note the divergence of the 240 minute RSI and currently we would continue to allow for a small rebound. We suspect that intraday rallies will struggle to clear the May lows at 1.5015 and the accelerated downtrend at 1.5139 should remain capped by 1.5300/25 and while capped here, the market will remain directly offered. Please note there is very little support between 1.4832 and the 1.4229 2010 low.”

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.