Flash: GBP/USD focus on the 1.6259/29 September high + Fibo - Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD’s erosion of the 2013-2014 1.6430 uptrend, triggered further weakness and the market is on course for the 1.6259/29 support (September high and the 23.6% retracement of the move up from July.

Key Quotes

“A close below the 1.6259/29 support should be enough to signal losses to the 1.5855 November low.”

“The 240 minute chart is suggesting near term rebounds should be curtailed in the 1.6368/1.6416 band ahead of further losses.”