Karen Jones, analyst at Commerzbank, notes that GBP/USD has sold off aggressively eroding the 1.2444/39 supports to fall into new 2 year lows.
“We note the 13 count on the 60 minute chart and the TD support at 1.2359, and then we have very little until the 1.2108, the 78.6% retracement of the entire move up from the 2016 low. The market now stays offered below the 1.2605 downtrend.”
“A rise above the June high at 1.2784 would indicate that a bottom is being formed (not favoured).”
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