GBP/USD: New 2 year lows - Commerzbank

Karen Jones, analyst at Commerzbank, notes that GBP/USD has sold off aggressively eroding the 1.2444/39 supports to fall into new 2 year lows.

Key Quotes

“We note the 13 count on the 60 minute chart and the TD support at 1.2359, and then we have very little until the 1.2108, the 78.6% retracement of the entire move up from the 2016 low. The market now stays offered below the 1.2605 downtrend.”

“A rise above the June high at 1.2784 would indicate that a bottom is being formed (not favoured).”