Karen Jones, analyst at Commerzbank, notes that GBP/USD pair has again sold off towards 1.2108, the 78.6% retracement of the entire move up from the 2016 low. Key Quotes “Rebounds from here are currently indicated to be likely to struggle around 1.2350. The 1.2108/00 level guards the 1.1988 January 2017 low and the 1.1491 3rd October low (according to CQG). It stays negative while contained by 2 month downtrend at 1.2482 today. Above the downtrend this would introduce scope to the 55 day ma at 1.2588 and the June high at 1.2784.” “Only a rise above the June high at 1.2784 would indicate that a bottom is being formed (not favoured).” FX Street 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 Post By FX Street FXStreet News share Read Next Gold struggles near 2-week lows, $1400 mark remains in sight FX Street 4 years Karen Jones, analyst at Commerzbank, notes that GBP/USD pair has again sold off towards 1.2108, the 78.6% retracement of the entire move up from the 2016 low. Key Quotes "Rebounds from here are currently indicated to be likely to struggle around 1.2350. The 1.2108/00 level guards the 1.1988 January 2017 low and the 1.1491 3rd October low (according to CQG). It stays negative while contained by 2 month downtrend at 1.2482 today. Above the downtrend this would introduce scope to the 55 day ma at 1.2588 and the June high at 1.2784." "Only a rise above the June high at… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
