CB forecast for GBP/USD
GBP/USD formed yesterday a hammer-candle with a very long lower shadow.
Analysts at Commerzbank expect GBP/USD to recover to April 10 high at $1.6822: “The Elliott wave count on the intraday charts is giving conflicting signals but it now looks less likely to extend to $1.6900. It is looking more likely that the market will simply fail here at the previous highs. Dips will find minor support at $1.6680 ahead of trend line support at $1.6585 and key support at $1.6470”.
Chart. Daily GBP/USD