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According to Karen Jones, analyst at Commerzbank, GBP/USD has started to see a deeper sell-off from the mid-July high at 1.2580 and suspects has in fact topped at 1.2582.

Key Quotes

“Minor support is found at the 55 day moving average and the September 12 low at 1.2291/1.2283. Further minor support sits between the early and midAugust lows at 1.2080/15 and major support lies at the 1.1958 current September low. Further up strong resistance between the seven month resistance line, 200 day ma and the June high at 1.2658/1.2784 caps the market.”

“A slip through the 1.1958 recent low would put the 1.1491 October 2016 low (according to CQG) on the cards.”