Flash: GBP/USD forms another top below the June peak at 1.5752 - Commerzbank

FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that GBP/USD has come close to but did not quite reach the uptrend channel resistance line, 200 week moving average and the June peak at 1.5752/55 before dropping.

Key Quotes

“Another interim top is now likely to be in place. For this to be confirmed it will have to fall through last week’s low at 1.5424.”

“Minor support above this level is seen around the 1.5574 early August high and then around the 200 day moving average at 1.5519.”