Flash: the uptrend line at 1.5961 is breached; GBP/USD should drop further – Commerzbank

FXstreet.com (Athens) – Axel Rudolph, Head Technical Analyst at Commerzbank suggests that the GBP/USD is finally falling through the July-to-October uptrend line at 1.5961 and targets the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement.

Key Quotes

“We will keep our immediately bearish view while GBP/USD remains below this week’s 1.6017 high on a daily chart closing basis.”

“Our medium term bearish forecast will remain valid while the currency pair stays below the 1.6123 October 8th high.”