GBP/USD to plunge towards the 1.3166 on a break below the 1.3411 September low – Commerzbank

FXStreet Insights Team FXStreet

GBP/USD lost 1.3% on Thursday and registered its largest one-day loss in more than a year. Attention is on the 1.3411 September low as a break below here would open up the 200-week moving average at 1.3166, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Rallies to find initial resistance at the 1.3703 55-DMA

“GBP/USD has eroded 1.3569, the 12th October low and we would allow for further slippage back to the 1.3411 recent low.”

“Below 1.3411 we have little until the 200-week ma at 1.3166.”

“Rallies will find initial resistance at the 55-DMA at 1.3703.”

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