Home GBP/USD could see a rebound to 1.2950/70 – Commerzbank

GBP/USD could see a rebound to 1.2950/70 – Commerzbank

Updated: 29 Oct. 2018 | 10:48

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable could attempt a bounce to the 1.2950/70 band.

Key Quotes

“GBP/USD has sold off to the 2016-2018 support line at 1.2795 this week and we would allow for this to hold the initial test. This is seen as the last defence for the 1.2662 August low. Currently we would allow for a very small bounce towards 1.2950/70 ahead of further weakness”.

“Below 1.2662 would trigger further weakness to the 61.8% retracement of the move 2016-2018 and June 2017 low at 1.2593/89″.

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.